![Ethena [ENA] Faces Selling Risk Despite Undervalued Signals](/_next/image?url=https%3A%2F%2Fimages.askfuzz.ai%2Farticle_images%2Fethena-ena-faces-selling-risk-despite-undervalued-signals.webp&w=3840&q=75)
According to reports from AMBCrypto, Ethena [ENA] recorded a 12.82% drop on Thursday, 2 April, when its price slid from $0.0905 to $0.0789. The cryptocurrency has since bounced back above $0.08, though its long-term trend remains bearish at press time. The MVRV pricing bands analysis reveals that ENA did not reach the upper extremes of pricing bands during the crypto bull run and has been below the lower extremes since October 2025.
As reported by AMBCrypto, the press time market price was $0.08, while the realized price stood at $0.373. The percent supply-in-profit metric was recorded at 0.018%, indicating that most ENA holders appeared to be severely underwater on average. The holder accumulation ratio has trended south over the past month, with a reading of 74% indicating net accumulation from active participants, though short-term sentiment pointed towards selling behavior.
According to Santiment data cited by AMBCrypto, the 365-day mean coin age has been trending higher in 2026, though it saw a sizeable reset in early March. Over the past two weeks, the metric has been moving higher to indicate accumulation behavior. However, network activity metrics highlighted weakness, with daily active addresses and network growth hovering around six-month lows. The weak network activity and low holder profitability point to difficulties for bulls to overcome.
As reported by AMBCrypto, despite accumulation clues from on-chain metrics, it may be overwhelmingly likely that any ENA price bounces would be aggressively sold off. Holder sentiment appears cautious, with participants wanting to take profits or exit at breakeven after the relentless downtrend since October 2025. The analysis suggests that while value investors can make arguments for potential outsized gains, the associated risk should be carefully considered given the current market conditions and Bitcoin's extended downtrend.