Main to remember
Chain metrics suggest a short -term downward trend because bets on short positions soar. ENA The price indicates a potential rally of 6% in the coming days.
After an impressive recovery of 21% after Powell’s speech, Ethena (ENA) seemed to enter the correction mode.
The daily graph seems weak; However, cryptographic whales and long -term holders have constantly expressed their interest in the assets.
Cryptographic whales add 32 million ENA, the purchase time?
Recently, a prominent crypto expert shared data on health that the whales holding 1 to 10 million tokens bought 32 million ENA in the past 24 hours.
Source: X (formerly Twitter)
Meanwhile, another chain analysis platform, Coringlass, revealed that more than $ 24 million in ENA left exchanges in the last 48 hours, referring to continuous accumulation.
Source: Coringlass
These notable purchases by whales and long -term holders raise if it is an ideal moment to add ENA. In addition, they refer to potential upward momentum in the coming days.
Another bullish factor strengthening the prospects of ENA is the four -hour eth / BTC table, which is currently on an upward trend.
This indicated the rotation of the capital of Bitcoin (BTC) in Ethereum (ETH), which is generally a sign of an alts-season.
Based on historical performance, if this trend continues, ENA could benefit from it and the market can see a peak in its price.
Ethena prices action and technical analysis
The price of ENA slipped 5.35% in the last 24 hours, standing at $ 0.70 at the time of the press.
Global participation has dropped in particular during this same period, because CoinmarketCap data reveal that the 24 -hour trading volume plunged 75% compared to the day before.
Ambcrypto’s technical analysis revealed that the four -hour ENA table seemed to weaken and was ready for a drop in prices.
This speculation came from the degradation of a small consolidation after the recent gathering and the formation of large consecutive red candles.
Source: tradingView
Currently, the graph seems to be heading for the next support, which can fall into a 6% fall in the coming days.
Since July 2025, ENA has been systematically supported by an ascending trend line, and the recent gathering has also started from there. This time, there is a high probability that the asset can retest this support before its next step.
Currently, the Supertrend indicator remains green and hovers below the ENA price. This suggests that the asset is always in an upward trend and that buyers continue to show interest.
Potential correction to come
In the past 24 hours, merchants seem to follow the same trend, because betting on short positions are skyrocketing.
Coinglass data reveal that the main levels of ENA liquidation are $ 0.689 on the lower side and $ 0.728 on the upper side.
These levels are also where merchants are over-deposed, having built more than $ 6.91 million in long positions and $ 11.94 million in short positions.
Source: Coringlass
By combining this data on the chain with the action of ENA prices, it seems that the short -term market trend is down, while the sense of higher delay has remained optimistic.
