Ethena (ENA) is at risk of a 6% correction – What is causing whales to continue buying heavily?

After an impressive surge of 21% thanks to Powell's speech, Ethena (ENA) now shows signs of entering a correction phase. Although the daily chart is signaling weakness, the persistent interest from whales and long term investors remains a crucial support for this asset.

Whales accumulate an additional 32 million ENA – is it time to buy in?

Recently, a reputable cryptocurrency expert announced data from Santiment, showing that "whales" holding between 1–10 million tokens have aggressively accumulated up to 32 million ENA in just 24 hours.

Source: Ali/SantimentNot only that, the on-chain analysis platform CoinGlass has recorded over 24 million USD worth of ENA leaving exchanges in the past 48 hours – a clear sign that accumulation activity is taking place very strongly.

Source: CoinglassThe decisive move from whales and long term investors raises the question in the market: is this the "golden" moment to increase positions with ENA? And will this demand be strong enough to create a new wave of price increase in the coming days?

Additionally, another positive signal comes from the movement of the ETH/BTC pair on the 4-hour chart, which is currently in an uptrend. This reflects the flow of capital shifting from Bitcoin (BTC) to Ethereum (ETH) – a factor often considered as the "catalyst" that ignites the altcoin season (altseason).

If the historical scenario repeats itself, ENA could very well become one of the biggest beneficiaries, opening up the opportunity to witness new price peaks in the market.

Price Trends and Technical Analysis

In the past 24 hours, ENA has lost 5.35% of its value, retreating to the area of 0.70 USD at the time of writing. Notably, trading volume has also significantly decreased as data from CoinMarketCap recorded a drop of up to 75% compared to the previous day.

According to the technical analysis from Bitcoin Magazine, the 4-hour chart of ENA is signaling weakness, indicating a high probability of entering a downward correction. After a recent uptrend, the price has broken out of a small accumulation zone and long red candles are appearing continuously – a sign that selling pressure is increasing. If this trend continues, ENA may drop another approximately 6% in the coming days, heading towards the next support zone.

ENA/USDT chart on the 4-hour timeframe | Source: TradingViewHowever, since July 2025, the upward trend line has still played an important support role for ENA. The latest recovery also originated from this line, raising hopes that the asset will retest the key support area before launching a new upward wave.

At the present time, the Supertrend indicator remains in the green and is below the price – a signal indicating that the medium-term uptrend has not yet been broken, while buying pressure is still present in the market.

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