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A golden cross has formed on the Ethena daily chart, and last time this appeared, $ENA rallied over 80%.
- Ethena ($ENA) rose 16% to $0.85 on Aug. 11, extending its 30-day gains to nearly 150%.
- $USDe, Ethena’s synthetic stablecoin, has surpassed $10 billion in supply.
- Ethereum’s breakout above $4k has strengthened confidence in $USDe’s $ETH-backed reserves.
According to data from crypto.news, Ethena ($ENA) rallied 16% to an intraday high of $0.85 on Monday, Aug. 11. At this price, its weekly gains stand at over 35% while its gains over the past 30 days stood at nearly 150%.
Its market cap has risen to $5.4 billion, while its daily trading volume has dipped slightly, as over $1.4 trillion of $ENA exchanged hands between traders.
Why did $ENA rally today?
$ENA’s rally today could primarily be due to improved investor sentiment as $USDe, its synthetic stablecoin, surpassed $10 billion in circulating supply, marking a major milestone for the project. Notably, this milestone was reached with just 500 days since the stablecoin was launched, making $USDe one of the fastest-growing stablecoins in the crypto industry.
Besides strong growth in its stablecoin, $ENA’s rally has also been drawing strength from investor euphoria over Ethereum ($ETH) breaking past $4k, a psychological resistance level it has struggled to surpass since December last year.
Ethereum has rallied over 20% over the past 7 days, significantly outperforming Bitcoin, which was up less than 7% during the same time period.
Strong Ethereum rallies often bode well for popular Ethereum-based projects. Since Ethena’s collateral reserves and hedging strategies are heavily $ETH-based, Ethereum’s strong performance over the past week has noticeably strengthened the valuation of the protocol’s reserve, which in turn reinforces confidence in $USDe’s stability. As such, $ENA often moves in tandem with Ethereum.
Another bull case seems to be the demand for $ENA across Korean markets. Some community members have observed that Korean investors have been increasing their exposure to Ethena over the past weeks, as highlighted by X user Ponyo.
Koreans are loading up $ENA rn 👀
— Ponyo (@13300RPM) August 11, 2025
For context, CRCL was the most traded foreign stock in Korea, with ~$443m in net buys from local investors in June alone.
Korean retail demand for stablecoin plays is already proven. pic.twitter.com/eSE7mtdAXP
$ENA price analysis
$ENA broke out of a descending parallel channel in early July as investor demand picked up. Since then, it has climbed over 200% to $0.81 as of press time.
On the daily chart, the 50-day simple moving average has crossed above the 200-day simple moving average, forming a “golden cross.” This pattern often signals the start of a strong uptrend. The last time $ENA formed a golden cross in late November, it gained more than 87% to reach its December peak of $1.33.
The current price structure also looks similar to that period, suggesting a possible recurrence of the earlier rally.
If $ENA were to replicate the November rally in percentage terms, the projected target would be around $1.14.
Momentum indicators were also pointing higher at press time. The MACD line had moved above the signal line, a crossover often seen as confirmation of upward momentum, suggesting that buyers remain in control. The RSI is also in overbought territory after $ENA’s sharp gains.
While this condition sometimes precedes short-term pullbacks, strong rallies backed by robust fundamentals can sustain overbought readings for an extended period. Nonetheless, minor corrections could occur before $ENA’s next leg up.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.