Ethena (ENA) recorded a decline of 12.82% on Thursday, April 2, with its price falling from $0.0905 to $0.0789. It has since risen above $0.08. However, at the time of writing, its long-term trend was still bearish.
MVRV pricing bands use the market value-to-realized value ratio to determine whether an asset is overvalued or undervalued. Interestingly, ENA failed to reach the upper extremes of its price bands during the crypto bull run.
Moreover, it has been below the lower ends of the price ranges since October 2025. While the market price at press time was $0.08, the realized price was $0.373. The profit margin percentage metric was 0.018%.
In other words, most ENA owners looked seriously underwater on average.
Is it time to buy ENA?
Value investors buy Athena Huge profits can be made here. However, the risk involved must also be taken into account.
Especially since Bitcoin (BTC) has been in a downtrend for some time and this may continue six more months.
Last month, the holder accumulation rate trended south. The metric highlights the proportion of active owners who are increasing their holdings.
A reading of 74% indicated net accumulation by active participants, while short-term sentiment appeared to point to selling.
Centiment data also underlined this accumulation behavior. The 365-day average coin age shows an upward trend in 2026, but a major reset was seen in early March. Over the past two weeks, the metric has been on the rise, indicating accumulation.
But still, network activity measurements highlighted a weakness. Daily active addresses and network growth were at six-month lows. Weak network activity and low owner profitability indicated a difficult problem for the bulls to overcome.
Despite the accumulation cues, any upside in ENA prices may be likely to be sold aggressively. Holders will be looking to take profits or breakeven after the incessant downtrend since October 2025.
Final Summary
- On-chain metrics pointed to ENA accumulation from owners.
- Value investors should be careful because while buying the lows is a good idea on paper, the current downtrend may not be over yet.
