Whales and the Fed: The Unseen Forces Shaping ENA’s Fate

Ethena (ENA) faces a potential 6% correction in the short term, despite persistent accumulation by crypto whales and long-term holders. On-chain data reveals that over 32 million ENA tokens were purchased by whales in the past 24 hours, with a concentration of holdings between 1 million and 10 million tokens [1]. Additionally, more than $24 million worth of ENA tokens left exchanges in the last 48 hours, signaling ongoing accumulation by large investors [1].

These whale activities have sparked speculation about whether this is a favorable time to accumulate ENA. While the daily chart appears bearish, with a 5.35% drop in the last 24 hours, the Supertrend indicator remains in green, suggesting the asset is still in an uptrend [1]. Historical on-chain data shows that ENA has been supported by an ascending trendline since July 2025, and a retest of this support is likely before any further upward move [1].

Meanwhile, ENA’s broader ecosystem continues to gain strength. The protocol’s Total Value Locked (TVL) has surged past $11 billion, a 50% increase over the past month. This growth is attributed to increased liquidity and investor confidence. Over 1 billion ENA tokens were reportedly scooped up by large investors in recent days, reinforcing the perception that ENA is being positioned for long-term gains [2]. The protocol’s revenue also crossed $500 million in cumulative gross interest, with $13.4 million earned in the last week alone [2].

The price action of ENA has also drawn attention from analysts. The asset is currently trading around $0.65, a critical support level. If this support holds, ENA could see a rebound toward $0.85, a key resistance level. However, a breakdown below $0.61 would expose the token to a deeper correction toward $0.51 [4]. Technical indicators such as the RSI and MACD signal bearish momentum, with the RSI at 42.9 and the MACD line below the signal line [4].

Despite the short-term bearish trend, long-term sentiment remains positive. The ETH/BTC four-hour chart is in an uptrend, indicating capital rotation from Bitcoin into Ethereum, which is typically a sign of an altseason [1]. Historical data suggests that such a trend could benefit ENA, potentially leading to a price spike. Analysts also point to a developing cup-and-handle pattern on the daily ENA chart, which could signal a continuation of the upward trend if a breakout above $0.79 occurs [3].

Looking at the broader market, Ethena’s price is influenced by macroeconomic factors, including U.S. Federal Reserve policies. Ethena’s co-founder has described ENA as “the most levered asset to falling interest rates,” emphasizing the potential for significant price gains if rate cuts materialize [5]. Recent liquidity inflows into ENA surged, with TVL hitting $12.025 billion and open interest in derivatives markets rising to $1.5 billion [5]. This increased liquidity reflects strong bullish sentiment and could fuel further price appreciation as the market anticipates the Fed’s next move.

The market is now at a critical juncture. Traders are closely watching the $0.61–$0.60 support zone, as a successful defense could trigger a rebound toward $0.85 and potentially retest the all-time high near $1.32 [4]. Conversely, a failure to hold could lead to a deeper correction. In the coming weeks, macroeconomic developments, particularly U.S. monetary policy, will play a pivotal role in determining ENA’s next move [4].

Source: [1] Ethena set for 6% correction - Why do whales keep buying? (https://ambcrypto.com/ethena-set-for-6-correction-why-do-whales-keep-buying/) [2] ENA Price News: Ethena Whales Load Up as Revenues ... (https://coinedition.com/ena-price-news-ethena-whales-load-up-as-revenues-blast-past-500-million/) [3] Ethena - Why ENA's next move hinges on KEY price range (https://ambcrypto.com/ethena-why-enas-next-move-hinges-on-this-price-range/) [4] Ethena Faces Turbulence Amid 17% Drop in a Week—Can ... (https://bravenewcoin.com/insights/ethena-ena-price-prediction-ethena-faces-turbulence-amid-17-drop-in-a-week-can-bulls-defend-0-61-support) [5] How Ethena became the most levered bet after Fed rate cuts (https://ambcrypto.com/how-ethena-became-the-most-levered-bet-after-fed-rate-cuts/)