Ethena (ENA) recorded a decline of 12.82% on Thursday, April 2, when its price increased from $0.0905 to $0.0789. Since then, it has rebounded above $0.08. However, at press time, its long-term trend was still bearish.
MVRV price ranges use the market value to realized value ratio to determine whether an asset is overvalued or undervalued. Interestingly, ENA did not reach the upper extremes of the price ranges during the cryptocurrency bull run.
Additionally, it has been below the lower extremes of the price ranges since October 2025. The market price at press time was $0.08, while the realized price was $0.373. The bid percentage in profit was 0.018%.
In other words, most ENA holders appeared on average to be severely submerged.
Is it time to buy ENA?
Value investors can argue that buying Ethena here can result in outsized gains. However, the associated risk must also be taken into account.
Especially since Bitcoin (BTC) has been on a downtrend for a while, a trend that could last another six months.
Over the past month, the rate of holder accumulation has moved south. The measure highlights the proportion of active holders who have increased their holdings.
While a 74% result indicated net accumulation from active participants, short-term sentiment seemed to point toward a sell-off.
Sentiment data also highlighted this hoarding behavior. The average coin age of 365 days has trended upward in 2026, although it saw a significant reset in early March. Over the past two weeks, the metric has risen to indicate accumulation.
And yet, network activity measurements highlighted a weakness. Daily active addresses and network growth hovered around six-month lows. Low network activity and low holder profitability highlighted a difficult problem for the bulls to overcome.
Despite the accumulation indications, it is extremely likely that any rebound in ENA prices will be sold aggressively. Holders would like to take profits or break even after the incessant downtrend since October 2025.
Final summary
- The on-chain measurements hinted at the accumulation of ENA from holders.
- Value investors should be careful because while buying the lows is a good idea on paper, the current downtrend may not be over yet.
