Ethereum is up 16% in the last 24 hours – Will this trend continue?

• The price of the token has increased by over 16% in the last 24 hours alone.
• Selling pressure on ENA increased, which could lead to a price correction.

Ethena [ENA] showed a spectacular performance in the last 24 hours as the price of the token increased by double digits.

Therefore, AMBCrypto planned to dig deep and find out how this affected the token’s on-chain metrics and what to expect next.

Follow Ethena’s bull rally

CoinMarketCaps Data revealed that Ethena bulls have been pushing hard in the last 24 hours as the token’s value increased by 16%. In fact, the bulls dominated heavily last week.

The price of ENA has increased by over 40% in the last seven days, which is a commendable figure. At the time of writing, the token was trading at $0.4015 and had a market cap of over $1.1 billion.

Despite such a sharp price increase, most investors were at a loss.

AMBCrypto’s analysis of Intolock’s data revealed that only 6.29K ENA addresses made profits, which accounted for 15% of the total number of ENA addresses.

Things weren’t looking good on a social level either. When we checked Santiment’s data, we found that Ethena’s weighted sentiment was in negative territory. This suggested that pessimistic sentiment was increasing.

However, the token’s trading volume has increased in recent days while the price of ENA has surged. While this may seem bullish at first glance, there was more substance to the story.

While the trading volume increased, the supply of ENA on the stock exchanges also increased. This suggested that investors were actually selling the token.

Additionally, Ethena’s supply outside of exchanges declined and exchange outflows skyrocketed. Both metrics clearly indicate that selling pressure on the token was high.

Increased selling pressure often leads to price corrections.

Our look at Coinglass data revealed another pessimistic metric. Ethena’s long/short ratio fell, meaning there were more short positions in the market than long positions.

Pursuing the ENA’s upcoming goals

AMBCrypto then assessed the token’s daily chart to find out what market indicators suggested it and what possible goals ENA was pursuing. We noticed that the Money Flow Index (MFI) recorded a decline.

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To read Ethena [ENA] Price prediction 2024-25

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Ethena’s Relative Strength Index (RSI) was also on the verge of entering the overbought zone.

Both metrics indicated a price correction. When that happens. Then ENA could fall to $0.35. However, if the upward move continues, Ethena could successfully break its resistance at $0.411.