Ethena set for 6% correction – Why do whales keep buying?
Key Takeaways
On-chain metrics trace at a short-term bearish pattern as bets on brief positions skyrocket. ENA’s worth motion factors to a possible 6% draw back rally within the coming days.
Following a formidable 21% restoration after Powell’s speech, Ethena [ENA] gave the impression to be getting into correction mode.
The day by day chart appears weak; nonetheless, crypto whales and long-term holders have been persistently exhibiting curiosity within the asset.
Crypto whales add 32 million ENA, time to purchase?
Just lately, a outstanding crypto expert shared Santiment knowledge exhibiting that whales holding 1 million to 10 million tokens bought 32 million ENA over the previous 24 hours.
Supply: X (Previously Twitter)
In the meantime, one other on-chain analytics platform, CoinGlass, revealed that over $24 million value of ENA left exchanges up to now 48 hours, hinting at ongoing accumulation.
Supply: Coinglass
These notable purchases by whales and long-term holders increase questions on whether or not this is a perfect time so as to add ENA. Moreover, they trace at potential upside momentum within the coming days.
One other bullish issue strengthening the ENA outlook is the ETH/BTC four-hour chart, which is at present in an uptrend.
This indicated capital rotation from Bitcoin [BTC] into Ethereum [ETH], which is often an indication of an altseason.
Based mostly on historic efficiency, if this pattern continues, ENA may benefit and the market may even see a spike in its worth.
Ethena worth motion and technical evaluation
ENA’s worth slipped 5.35% over the previous 24 hours, standing on the $0.70 degree at press time.
Total participation fell notably throughout this similar interval, as CoinMarketCap knowledge reveals that ENA’s 24-hour buying and selling quantity plunged 75% in comparison with the day prior to this.
AMBCrypto’s technical evaluation revealed that ENA’s four-hour chart gave the impression to be weakening and was poised for a worth dip.
This hypothesis stemmed from the breakdown of a small consolidation following the current rally and the formation of consecutive giant crimson candles.
Supply: TradingView
Presently, the chart appears to be heading towards the subsequent assist, which can attain by falling one other 6% within the coming days.
Since July 2025, ENA has been constantly supported by an ascending trendline, and the current rally additionally started from there. This time, there’s a excessive likelihood that the asset might retest that assist earlier than its subsequent leg up.
At current, the Supertrend indicator stays in inexperienced and hovers under the ENA worth. This implies that the asset continues to be in an uptrend and patrons proceed to point out curiosity.
Potential correction forward
Over the previous 24 hours, merchants look like following the identical pattern, as bets on brief positions are skyrocketing.
CoinGlass knowledge reveals that ENA’s main liquidation ranges are at $0.689 on the decrease aspect and $0.728 on the higher aspect.
These ranges are additionally the place merchants are over-leveraged, having constructed over $6.91 million value of lengthy positions and $11.94 million value of brief positions.
Supply: CoinGlass
Combining this on-chain knowledge with ENA’s worth motion, it seems that the short-term market pattern is bearish, whereas the upper timeframe sentiment remained bullish.
