Ethena (ENA) price prediction: The technical analysis shows a golden cross, whales are continuously increasing their positions, and BlackRock's endorsement of stablecoins acts as a catalyst.

Ethena governance token ENA has recently performed brilliantly, rising 5.5% within the day and achieving a 70% increase over the past three months. The strong momentum is due to a breakthrough signal on the technical front (the 50-day EMA crossing above the 100-day EMA forming a golden cross) and significant favourable information on the fundamental side — its newly launched stablecoin USDtb has received a backing of 90% of assets from the BlackRock BUIDL fund. On-chain data shows that whale addresses (large holders) have increased their holdings by 30.19% in the past week, with smart money continuously flowing in. Currently, the ENA price operates within a rising channel, and if it breaks through the key resistance at $0.65, the short-term target looks towards $0.70.

Strong Fundamentals: BlackRock Endorses Stablecoin to Reshape Confidence

The Ethena ecosystem has recently undergone a significant upgrade, with its newly launched stablecoin USDtb receiving a strong endorsement from global asset management giant BlackRock BUIDL Fund's 90% assets. This move has greatly boosted investor confidence for two reasons:

1. Strengthen the support for the USDe stablecoin: USDtb can serve as the underlying collateral for Ethena's core product — delta neutral stablecoin USDe, enhancing its stability and reliability.
2. Enhanced Compliance: The design of USDtb aligns with the spirit of the U.S. "Genius Act" legislation, enhancing its applicability in a regulated environment. This makes the ENA Token a rare asset with both fundamentals and momentum in the current crypto market.

On-chain Insights: Whales Continue Accumulating, Smart Money Flowing Underground

On-chain data clearly reveals the strong optimism of large funds (Whales) towards ENA:

• **Whales Firmly Accumulate: ** Over the past 7 days (during which ENA rose by 6.6%), the holdings of the top 100 whale addresses increased by 0.21%. More importantly, the overall holdings of whales have significantly grown by 30.19% in three months, indicating that even as prices rise, large funds continue to accumulate chips, showing strong bullish sentiment.
• Retail impact is limited: Although some public figures (large retail investors) have reduced their holdings, their total holdings are far lower than that of whales, so the outflow of funds has a negligible effect.
• Exchange Dynamics: The exchange reserves (which can be seen as a source of selling pressure) have recently risen slightly, which is usually a signal for profit-taking at certain stages. However, the core observation point is whether this trend will accelerate with simultaneous selling by Whales. Given that USDtb is taking on a new role as collateral for USDe, Whales are likely positioning themselves to expand the application scenarios for ENA in collateralized DeFi strategies. Currently, accumulation remains the dominant force.

Technical Analysis: Triple Bullish Signal Resonance

Technical charts are giving off strong bullish signals:

(Source: TradingView)

1. EMA golden cross confirms rise:
   • 50-day EMA (orange line) has successfully crossed above 100-day EMA (sky blue line), forming a classic "golden cross", which is a textbook signal for rise continuation.
   • A larger level golden cross is brewing: The 100-day EMA is gradually approaching the 200-day EMA (dark blue line). If the current trend persists, a more powerful long-term golden cross is about to form, which may trigger a stronger pump.
   • • (Note: The EMA (Exponential Moving Average) gives more weight to recent prices, allowing it to reflect trend changes more quickly; the golden cross is an important bullish technical pattern) *
2. The rising channel is solid, and the OBV shows a bullish divergence:
   • The ENA price is operating within a clear rising channel and is currently testing the key resistance level of 0.65 USD (which has been a barrier recently).
   • If it can successfully break through and stabilize at 0.65 USD, the short-term target will point to 0.70 USD.
   • A breakout of the upper channel line at approximately 0.93 USD could see a target of 1.13 USD (based on the 1.618 Fibonacci extension of the local swing low).
   • Key Support: The recent price successfully rebounded from the lower channel line, proving that the structure is intact.
3. OBV Bullish Divergence Reveals Potential Momentum:
   • On-Balance Volume (OBV) presents a key bullish signal: Although the ENA price formed a lower high on August 7 after reaching a peak on July 28, the OBV created a higher high during the same period, forming a bullish divergence.
   • This indicates that during the brief price pullback, buying pressure is quietly building up, and smart money may be accumulating on dips.
   • • (Note: OBV confirms trends by accumulating volume direction; OBV leading price rise often indicates large investors building positions) *

Key Price Levels and Risk Warning

(Source: TradingView)

• Key for Upward Breakthrough: ENA needs to effectively break through and hold above the 0.65 USD resistance to confirm the acceleration of the rise and open up space towards the 0.70 USD and even higher targets.
• Downside Risk Warning: $0.60 is a critical support level. If the price falls below this level, it will disrupt the current upward channel structure, causing the short-term bullish expectation to fail.
• Core Driver Observation: The increase in adoption rate of USDtb and BlackRock's deepening role in the crypto collateral market are key fundamental factors supporting the long-term value of ENA.

Conclusion: The ENA Token, backed by the strong fundamentals provided by BlackRock's stablecoin USDtb, combined with multiple positive signals such as the technical golden cross, a solid rising channel, and bullish divergence in OBV, demonstrates a strong upward momentum. The continuous accumulation behavior of whales further supports the positive expectations of large investors. In the short term, attention should be paid to the breakthrough of the resistance level at 0.65 USD; if it can effectively stay above this level, a new round of upward momentum can be anticipated. However, investors need to closely monitor the defense of the key support at 0.60 USD. If it is lost, caution should be taken regarding the risk of a trend reversal. In the current market environment, ENA is undoubtedly a focal token that integrates innovative narratives, institutional backing, and strong technical momentum.