Recently, I noticed a detail worth paying attention to during my monitoring. The wallet address associated with the ENA team transferred 1.82 million ENA to a major exchange through an intermediary account this morning, roughly equivalent to $400,000. The timing and scale of this operation are indeed worth pondering.

On the surface, it’s like hearing the kitchen turn off the stove suddenly while you’re eating, which can give you a jolt. But what’s more interesting is that the 4-hour chart on the market actually still shows signs of bullishness, creating a rather intriguing contrast.

Let’s break down the news aspect first. When a team’s funds move to an exchange, there are usually two reasons: either they’re preparing to cash out, or market makers need to provide liquidity. Regardless of the reason, recent results point in the same direction — selling pressure in the market is increasing. It’s like a sword hanging over the price. In crypto circles, there’s a rule: whenever you see news like “team transfers to exchange,” the first reaction should be to stay cautious, not to be overly optimistic.

Now, looking at the technical picture. The 4-hour chart still remains within an upward channel, with lows gradually rising, so the trend framework is still intact. But the problem is that the level at 0.219 has become a strong resistance that the price has failed to break multiple times. Currently, the price is around 0.208, repeatedly testing the midpoint line at 0.2094. The support below is at 0.2.

In simple terms, the upward trend is real, but it’s showing signs of fatigue. The sudden transfer by the team is like stepping on the brakes of this rally.