Popular market analyst Ali pointed out that the TD Sequential indicator has now flashed a sell signal for Ethena (ENA). According to him, a break below $0.78 could open the way for a drop toward $0.72 and even $0.68.
While this could look like a straightforward bearish setup, recent market activity suggests the situation might be more complex than it seems.
Ali shared that the sell signal on Ethena’s daily chart should not be ignored, as it marks a potential turning point for the token’s short-term price action.
The $0.78 level now stands as an important support zone. If it fails to hold, traders could see the price quickly slide to the next support levels.
45 million Ethena $ENA purchased by whales in the past week! pic.twitter.com/FMjUWTtznM
— Ali (@ali_charts) August 12, 2025
The caution comes at a time when sentiment around ENA has been mixed, with some traders locking in profits while others are still adding to their positions.
Arthur Hayes’ ENA Trades Raise Eyebrows
Adding to the intrigue is the recent trading activity from BitMEX co-founder Arthur Hayes. Data from Lookonchain revealed that just two weeks ago, Hayes sold 7.76 million ENA worth about $4.62 million at an average price of $0.595, securing a profit of $1.65 million.
Two weeks ago, Arthur Hayes(@CryptoHayes) sold 7.76M $ENA ($4.62M) at ~$0.595 to lock in a $1.65M profit.
— Lookonchain (@lookonchain) August 13, 2025
Recently, he bought back 2.14M $ENA($1.75M) at a higher price of $0.816.https://t.co/1HymJRPhcj pic.twitter.com/COZNMeBpvF
However, he later bought back 2.14 million ENA at a higher price of $0.816. This move suggests that despite taking profits earlier, Hayes still sees value in the project at its current levels.
Whale Activity Could Shift the Market
Ali also pointed out that whales have purchased 45 million ENA in the past week alone. This large-scale buying shows that some big players are betting on Ethena’s longer-term strength, even as short-term indicators warn of possible downside.
Read Also: Indicator That Correctly Predicts SEI Price Flashes ‘Buy’: Here’s the Outlook
With both caution signals and bullish accumulation happening at the same time, the next move for ENA could depend on how the market reacts to the $0.78 support level in the coming days.
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