Ethena Tribe: The Grand Ball of the Bear Market 🎩🐻

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Oh, the tale of Ethena, a currency so resplendent in its past, now flounders nearly 40% lower after a fortnight’s ordeal. A bearish “death cross” lies ahead, a sinister dance leading to further miseries. Alas! 😲

  • Ethena’s price tumbles about 20% in a mere week, a despondent waltz indeed.
  • Trust the token unlocks and whale sell-offs as maestros of such losses. Truly, the aquatic beasts are formidable foes. 🦈
  • A daily chart sets the stage for the ominous “death cross,” a pattern beloved by unwelcome bearish messengers. 🎭

One might be led to believe, by whispers in the crypto corners, that Ethena’s charm has washed away by 100% from a lofty September peak. Alas, on Friday afternoon during the Asian musings, it found itself adrift at $0.31, shedding its market distinction from a splendid $3.7 billion to a meek $2.3 billion. 😢

Oh, how brief the joy when Robinhood-the popular trading platform-announced the listing of Ethena. On November 6th, a rebound blossomed, only to wilt as before. For soon after, a mighty 171.88 million token unlock siphoned away $54.88 million from Ethena. And this was but a sequel to an earlier $15.7 million unlock earlier in November. The stage was set for scarcity’s demise, and surely, prices took their leave. 🎭

Brings us to a collection of 7.42 billion tokens now, with 70% of these in the clutches of early investors and Ethena’s own court. The final act anticipates caution, as they await their share of profits, while others play the eager suitor. 😏

Whales, those marvelous leviathans of the crypto sea, detailed by Nansen, orchestrate much of Ethena’s descent. Their pockets have lessened from 65.24 million to 43.06 million tokens in but a fortnight-truly a sight to behold. Retail traders, much like loyal jesters, hastened to mimic these majestic beings and amplified the downward aria. 🐳

Ethena Cryptocurrency Chart

Analysis of Ethena’s Performance

Since the 9th of September, dear Ethena has been largely adrift in a bearish waltz. Bound by a descending parallel channel, where trendlines droop akin to sullen faces at a masquerade ball, we anticipate continued descent.

Ethena Price Chart

As long as our beloved token adheres to this pattern, further declines await her tender fate. The Supertrend indicator, akin to a crystal ball, has become a bleak red-a forewarning of bearish sentiment indeed. 🌋

Supertrend Indicator Image

Even more pressing is the imminent crossing of the 50-day SMA beneath the dignified 200-day SMA. Thus shall the dreaded “death cross” be formed, a herald of future losses. Yet, there lies a glimmer of hope near the RSI’s oversold shores, a potential short-term reprieve in this melancholy tale. 💔

Currently, Ethena stands poised to descend to a lamentable $0.197, a depth last seen in September of two years past, threatening a 36% drop. Yet, should Ethena rise above the 200-day SMA, reaching the $0.47 mark, we may yet witness a joyful twist, a beacon of hopeful reversal. 🙌

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2025-11-07 10:27