Ethena’s ENA token is up 5.5% daily and 70% in 3 months, boosted by strong technicals and a recent narrative shift. Its new USDtb stablecoin, backed 90% by BlackRock’s BUIDL fund, has strengthened investor confidence.
With USDtb capable of backing USDe (Ethena’s delta-neutral stablecoin) and aligning with the Genius Act, ENA is becoming a rare mix of fundamentals and momentum.
Whales Keep Accumulating as Smart Money Inflows Persist
Whale behavior over the past week confirms growing interest. ENA is up 6.6% in 7 days, and the top 100 addresses have added 0.21% more tokens. More importantly, whales have increased their holdings by 30.19%, signaling strong conviction even at higher prices.
In contrast, public figures have trimmed their positions, but their holdings are minimal compared to whales, making the outflows less impactful. Exchange reserves have ticked up slightly, a common pattern during profit-taking phases, but the real test will be whether this trend accelerates alongside whale selling.
Given that USDtb is now touted as support collateral for USDe, large holders may be positioning for the expanded utility of ENA in collateralized DeFi strategies. If exchange reserves spike and whales reduce their exposure, then caution is warranted. But for now, accumulation remains dominant.
Whales refer to addresses that hold large volumes of a token, often capable of influencing price. Watching their behavior helps traders spot early accumulation or distribution trends.
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Bullish EMA Crossovers Hint at the Next Leg Up
Technically, ENA has just confirmed a bullish trend continuation. The 50-day EMA (orange line) has crossed above the 100-day EMA (sky blue line); a textbook signal of upward momentum. The 100-day EMA is also nearing the 200-day (deep blue line), setting up for an even more powerful crossover and rally if the trend persists.
The Exponential Moving Average (EMA) is a type of moving average that tracks the average price of an asset over a specific period, placing greater weight on the most recent data points to better reflect short-term price movements.
A Golden Cross occurs when a shorter EMA (like the 50-day) crosses above a longer EMA (like the 100-day or 200-day), often viewed as a strong bullish trend signal by traders.
Ethena Price Trades Inside An Ascending Channel, Validated by OBV Divergence
The Ethena price is moving inside an ascending channel and is currently nearing a key resistance level of $0.65, which recently rejected its price. A reclaim of this level could unlock a move to $0.70 in the short term. The channel breakout above $0.93 has a target sitting around $1.13, the 1.618 Fibonacci extension from the local swing low.
Importantly, ENA bounced from the lower trendline, suggesting the structure remains intact. But it’s not just about the pattern.
The On-Balance Volume (OBV) indicator adds weight to the move. On July 28, ENA made a higher high in price, and on August 7, it printed a lower high. Yet, OBV made a higher high during this period, a bullish divergence that indicates buying pressure is building under the surface.
OBV (On-Balance Volume) tracks the cumulative volume flow to confirm price trends. When OBV rises while price lags, it often suggests smart money is quietly buying. Rising OBV shows that the Ethena price surge isn’t just a sentiment-driven move.
As USDtb adoption grows and BlackRock’s role in collateral markets expands, this divergence could mark the start of a breakout. However, for confirmation, ENA must decisively break the key overhead resistances.
However, if the Ethena (ENA) price breaks lower, $0.60 remains a critical support. If that is breached, the near-term bullish hypothesis gets defeated as it breaks the bullish structure.
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