I just reviewed the ENA data and something doesn't add up. The price recently bounced up to $0.115, but fell short at $0.1196. That may not seem like much, but in technical analysis, it's critical. That level is key to invalidating the bearish pattern that has been forming for weeks.

Regarding the head and shoulders pattern: the structure remains intact. We have two shoulders with a head in the middle, and the price is currently forming the right shoulder. If it doesn't break above $0.131, where the head's peak is, the pattern completes and points toward a 20% drop down to $0.066. Before that, there are supports at $0.095 and then at $0.08, which is the neckline. If it falls below, the full correction is triggered.

What’s interesting is what happened with the whales. Between February and early March, large holders sold 180 million ENA tokens. Their positions decreased from 9.48 billion to 9.3 billion. While everyone was talking about accumulation, they were quietly distributing. That explains why the bounce failed to gain ground—the whale selling pressure was too strong.

Now, with the price at $0.11, the head and shoulders pattern remains the most visible threat. On-chain data shows that big players don’t believe in higher prices in the short term. If they did, they would be buying, not selling. The technical pattern and whale activity point in the same direction: there’s more downside room before a true bottom is found.