Ethena's 13% pump lasted 12 hours — exchange balances say sellers already RSVP'd 📉

Ethena's [ENA] early-week rally has been fully erased, with the token trading at $0.0858 after a Monday climb from $0.0870 to $0.0985 — a 13.22% move completed within 12 hours — gave way to renewed selling pressure. The June 22 surge briefly handed bulls the upper hand before the broader market downturn dragged ENA back below its starting point.

Crypto analyst Ali Martinez flagged in an X post that more than 300 million ENA tokens have moved onto trading platforms over the past month, a pattern he described as evidence of mounting intent to sell from holders. The inflow of tokens to exchanges coincided with the rejection of Monday's bounce, suggesting the rally was a brief counter-trend move within a broader bearish structure.

Ethena's swing structure has flipped negative. After posting a low of $0.0765 in early April, ENA pushed back above the $0.1206 swing high but failed to establish a new higher high before the wider crypto sell-off forced a break of the $0.0765 floor, shifting the structure bearish. On the 4-hour chart, the rebound stalled at the $0.10 psychological resistance, well short of the 78.6% retracement level at $0.1081.

The moving averages indicated bullish momentum over the past three weeks, while the Money Flow Index was climbing toward the overbought 80 threshold. The $0.086–$0.090 zone, previously a support area, has flipped to resistance following the latest decline.

The liquidation heatmap pointed to a dense cluster of short liquidations near $0.10, a pocket of liquidity that was partially tapped before the downturn resumed. With exchange balances rising, long-term trend bias negative, and the $0.10 round-number resistance holding, ENA's path of least resistance points further south.