Whale Ethena (ENA) is strengthening accumulation as a series of bullish signals appear.

The ENA Token of Ethena has increased by more than 5% in the last 24 hours and 70% over the past 3 months, supported by positive technical signals and a new story that draws attention from the market. The launch of the USDtb stablecoin, with 90% of assets backed by BlackRock's BUIDL fund, has helped bolster investor confidence.

USDtb can be used as collateral for USDe ( stablecoin delta-neutral of Ethena) and complies with the Genius Act regulations, helping ENA become a rare combination of developing solid fundamentals and strong growth momentum.

Whales continue to accumulate assets

The behavior of whales over the past week shows increasing interest. ENA has risen by 6.6% in 7 days, and the top 100 addresses have added an additional 0.21% of the total supply. More importantly, whales have increased their holdings to 30.19%, indicating strong confidence even as prices rise.

The price of ENA and the accumulation model of whales | Source: NansenConversely, some individual investors have taken profits, but this volume is small compared to the accumulation of whales, so the impact is negligible. ENA reserves on the exchange have slightly increased, a common pattern during profit-taking phases, but this trend is only concerning if it occurs alongside selling actions from whales.

The use of USDtb as collateral for USDe may also lead large investors to prepare DeFi strategies based on ENA. If reserves on exchanges increase significantly and whales reduce purchases, a cautious signal will emerge; however, currently, buying pressure still prevails.

Whales refer to addresses that hold large amounts of tokens, often having the ability to influence prices. Monitoring their behavior helps traders detect early accumulation or distribution trends.

Technical signals reinforce the upward trend

Technically, ENA has just confirmed the continuation of the upward trend. The 50-day EMA (orange) has crossed above the 100-day EMA (blue); a typical signal for growth momentum. The 100-day EMA is also approaching the 200-day EMA (dark blue), setting the stage for a golden cross if the trend continues.

The price of ENA and golden cross | Source: TradingViewThe exponential moving average (EMA) tracks the average price of an asset over a specific period, placing more emphasis on recent data points to better reflect short-term price fluctuations.

A golden cross occurs when the shorter EMA, such as the 50-day EMA, crosses above the longer EMA, such as the 100-day or 200-day EMA, which is often seen by traders as a strong bullish signal.

ENA trading within the ascending channel, confirmed by OBV divergence

The price of ENA is moving within an ascending channel and is currently approaching a key resistance level at $0.65. A recovery of this level could open up the opportunity towards $0.70 in the short term. A breakout from the channel at $0.93 will bring ENA closer to the target of $1.13, the 1.618 Fibonacci extension level from the local reversal bottom.

Price analysis of ENA | Source: TradingViewIt is important that ENA has bounced off the lower trendline, indicating that the structure remains intact. However, the issue is not just with the pattern.

The On-Balance Volume indicator (OBV) further reinforces this movement. On July 28, the price of ENA made a higher peak and on August 7, it made a lower peak. However, the OBV established a higher peak during this period, indicating a bullish divergence suggesting that buying pressure is forming.

The buying power of ENA is increasing significantly | Source: TradingViewOBV monitors the cumulative volume to confirm price trends. When OBV increases while the price slows down, it often indicates that smart money is quietly buying in. The increase in OBV shows that Ethena's momentum is not just a move driven by sentiment.

As the adoption of USDtb increases and BlackRock's role in the mortgage market expands, this divergence could mark the beginning of a breakout. However, to confirm, ENA must decisively break through the key resistance levels above.

However, if ENA turns around and decreases, $0.60 is still an important support level. If this level is lost, the short-term bullish hypothesis will become invalid.

Vincent