What Makes the Big Fish Keep Nibbling on Ethena?

Key Takeaways

Well, now, if it ain’t just a hoot! The on-chain metrics are as clear as a muddied river, suggesting a grumpy bearish trend as the folks looking to short are lining up like it’s the last pie at the county fair. Word on the street is that ENA’s price might just wobble on down by 6% in the next few days.

After strutting around with a hefty 21% recovery post-Powell’s grand speech, our dear Ethena [ENA] seems to be limping into a correction phase, like a three-legged dog in a race between two rabbits.

The daily chart gives off a vibe weaker than a teacup in a thunderstorm; still, those big ol’ crypto whales and long-time holders are circling around like vultures at a barbecue.

Crypto whales gobble up 32 million ENA – Should you take the plunge?

In a turn of events that’d make even the most skeptical soul raise an eyebrow, a crypto sage recently reported that those hefty whales, holding anywhere between 1 million and 10 million tokens, have splurged on 32 million more ENA in the last day. No doubt they’re trying to fill their digital belly!

Simultaneously, CoinGlass-a fancy analytics platform that sounds like a hipster coffee shop-reported that over $24 million worth of ENA has jumped ship from exchanges in the last 48 hours. That’s one mighty fine hint of accumulation, don’t you think?

With whales and long-term holders snatching up ENA faster than kids at a candy store, one might ponder if it’s the right moment to dive in headfirst. Moreover, it suggests there might be some fireworks of upside momentum coming up, perhaps akin to the Fourth of July-just without the bangers and sparks.

And, oh! Another cheery little fact boosting the sunny outlook for ENA is the ETH/BTC four-hour chart, which is currently showing signs of life, climbing like a determined cat up a tree.

This suggests that capital is shuffling from Bitcoin [BTC] into Ethereum [ETH], which is typically a harbinger of altseason. Hold onto your hats, folks!

If history has taught us anything (and Lord knows it has), a continuation of this trend could mean ENA’s got some wings and may just fly high.

Ethena price action and technical analysis 

Our little ENA took a dip of 5.35% over the last 24 hours, settling around the $0.70 mark at last sight. That’s like watching your dog slip on a banana peel – it’s sad but kinda funny too!

Participation, however, has plummeted like a rock tossed off a cliff, with CoinMarketCap revealing that ENA’s 24-hour trading volume has taken a nosedive of 75% compared to the previous day. Ouch!

According to the wizards at AMBCrypto, the technical analysis shows our dear ENA’s chart is looking weaker than a kitten on a cold winter night, bracing for a price dip.

Such gloomy predictions seem to sprout from the breakdown of a small consolidation after its recent rally, further emphasized by a procession of big ol’ red candles. Someone call a firefighter!

Presently, it seems that the chart may be gliding towards the next support level, which might just drop another 6% in the days ahead. Everything’s connected in this crazy game, lurking like a cat waiting to pounce on a mouse.

Since July 2025, ENA has been propped up by an ascending trendline, and that last rally looked like it was launched from there. Could this time be the charm that sees it retesting that support before taking off again? Only time will tell, folks!

At this moment, the Supertrend indicator is flashing green and hovering just beneath the ENA price, giving a hearty nod that the asset is still riding high and buyers are keeping their interest piqued like a raccoon at a trash bin.

Potential correction ahead

In the past 24 hours, traders seem to be following suit like sheep to the slaughter, with bets on short positions climbing higher than a kite in a windstorm.

CoinGlass data rather conveniently points out that ENA’s crucial liquidation thresholds sit at $0.689 on the downward slide and $0.728 on the upper end. Seems these levels are also where traders are feeling a bit over-leveraged, having built a castle of $6.91 million in long positions and a formidable $11.94 million in short positions.

Gathering this on-chain data and combining it with ENA’s price action leaves us peering down the barrel of the short-term market trend, which looks to be as bearish as a bull in a china shop, while the long-range sentiment remains as optimistic as a cat eyeing a sunny window.

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2025-08-25 02:05