After an impressive surge of 21% thanks to Powell's speech, Ethena (ENA) is now showing signs of entering a correction phase. Although the daily chart is signaling weakness, persistent interest from whales and long-term investors remains an important support for this asset.
Whales have accumulated an additional 32 million ENA - is it time to buy?
Recently, a reputable cryptocurrency expert published data from Santiment, showing that 'whales' holding between 1–10 million tokens have aggressively accumulated 32 million ENA in just 24 hours.
Not only that, the on-chain analysis platform CoinGlass has also recorded over 24 million USD worth of ENA leaving exchanges in the past 48 hours – a clear sign that accumulation activity is occurring very strongly.
The aggressive moves from whales and long-term investors have led the market to question: could this be the 'golden' moment to increase positions in ENA? And will this demand be sufficient to create a new price surge in the coming days?
Additionally, another positive signal comes from the movement of the ETH/BTC pair on the 4-hour chart, which is in an uptrend. This reflects the capital flow shift from Bitcoin (BTC) to Ethereum (ETH) – a factor often seen as the 'catalyst' for starting an altcoin season.
If historical scenarios repeat, ENA could very well become one of the biggest beneficiaries, opening up opportunities to witness new price peaks in the market.
Price movements and technical analysis
In the past 24 hours, ENA has lost 5.35% of its value, retreating to the 0.70 USD range at the time of writing. Notably, trading volume has also sharply declined, with data from CoinMarketCap recording a decrease of up to 75% compared to the previous day.
According to technical analysis from Bitcoin Magazine, ENA's 4-hour chart is signaling weakness, suggesting a high likelihood of entering a downward correction. After the recent rise, the price has broken out of a small accumulation zone and has continuously formed long red candles – a sign that selling pressure is increasing. If this trend continues, ENA could drop an additional 6% in the next few days, heading towards the next support area.
However, since July 2025, the uptrend line has continued to serve as an important support for ENA. The most recent recovery also originated from this line, raising hopes that the asset will test the key support area before starting a new wave of increase.
At this moment, the Supertrend indicator remains green and below price – a signal that the medium-term uptrend has not been broken, and buying pressure is still present in the market.