|
Getting your Trinity Audio player ready...
|
- Whales increased ENA holdings by 30%, driving strong accumulation despite price gains.
- A bullish 50-day EMA crossover over the 100-day EMA signals upward momentum.
- OBV divergence confirms smart money buying, supporting potential breakout above $0.65 resistance.
Ethena (ENA), powered by USDtb collateral for its delta-neutral stablecoin USDe, is capturing growing attention among crypto investors. Combining solid fundamentals with technical momentum, ENA’s recent whale accumulation and bullish signals position it for potential near-term gains.
Whales Lead Accumulation Amid Growing Demand
Over the past week, ENA’s price climbed 6.6%, fueled by increased buying from top holders. The largest 100 whale addresses boosted their ENA holdings by over 30%, reflecting strong confidence even as prices rose. This contrasts with minimal trimming by public figures and only slight upticks in exchange reserves, signaling that profit-taking remains limited.
The increasing use of USDtb as backing collateral for USDe may be motivating whales to accumulate, anticipating wider utility in collateralized DeFi strategies. Traders closely watch whale behavior since large holders can significantly influence price trends, and current patterns favor accumulation over selling.
Technical Indicators Signal Bullish Continuation
Technically, ENA just confirmed a bullish trend as its 50-day Exponential Moving Average (EMA) crossed above the 100-day EMA — a classic signal of upward momentum. The 100-day EMA is also nearing a crossover with the 200-day EMA, potentially triggering a powerful rally if sustained.
ENA’s price trades inside an ascending channel, with key resistance at $0.65. A successful break above this level could push ENA toward $0.70 short term, with further upside targets at $0.93 and $1.13 based on Fibonacci extensions.
On-Balance Volume Divergence Supports Smart Money Buying
On-Balance Volume (OBV) data highlights growing buying pressure beneath the surface. While ENA’s price made a lower high recently, OBV made a higher high, indicating smart money accumulation is intensifying. This divergence suggests the price move is backed by genuine buying interest, not just speculative sentiment.
Also Read: Ethena Price Soars 15% as USDe Stablecoin Becomes Third Largest Behind USDT and USDC
However, for ENA’s bullish case to hold, the token must decisively break key resistance levels. A drop below $0.60 would invalidate the near-term bullish structure, cautioning investors to watch support levels closely.
Ethena (ENA) stands out as a token combining fundamental strength via USDtb collateral support and growing whale interest with strong technical momentum. If ENA clears resistance levels, the next leg up could attract further buying. However, traders should remain alert to key support levels that may signal trend shifts.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
