Ethena Surges 16% to $0.85, Golden Cross Forms on Daily Chart

Ethena's (ENA) price rose 16% to $0.85 on Aug. 11, extending its 30-day gains to nearly 150%. ENA's market cap has risen to $5.4 billion, while its daily trading volume has dipped slightly. The rally could be due to improved investor sentiment as USDe, its synthetic stablecoin, surpassed $10 billion in circulating supply and Ethereum breaking past $4k. A golden cross has formed on the ENA daily chart, which last time appeared, ENA rallied over 80%.

Ethena (ENA) experienced a significant price increase, rising 16% to $0.85 on Aug. 11, 2025. This marked an extension of its 30-day gains, which reached nearly 150%. The market capitalization of ENA has grown to $5.4 billion, while its daily trading volume has seen a slight dip. The rally can be attributed to improved investor sentiment, driven by two key factors: the surpassing of $10 billion in circulating supply of USDe, ENA's synthetic stablecoin, and Ethereum (ETH) breaking past the $4,000 mark.

USDe, ENA's stablecoin, has reached a significant milestone by surpassing $10 billion in circulating supply, a remarkable achievement considering it was launched just 500 days ago. This rapid growth positions USDe as one of the fastest-growing stablecoins in the crypto industry. Furthermore, Ethereum's breakout above $4,000 has bolstered confidence in USDe's ETH-backed reserves, as ENA's collateral reserves and hedging strategies are heavily ETH-based. This has led to a positive feedback loop, where strong Ethereum rallies reinforce the valuation of ENA's reserves, enhancing investor confidence.

Another notable factor contributing to ENA's rally is the growing demand from Korean markets. Community members have observed an increase in Korean investors' exposure to ENA, with some attributing this to the high trading volume of CRCL, a popular Ethereum-based project in Korea. This demand highlights the potential for ENA to tap into the growing crypto market in Asia.

Technically, ENA's price action is supported by a golden cross formation on its daily chart. A golden cross occurs when the 50-day simple moving average crosses above the 200-day simple moving average, signaling a potential start of a strong uptrend. This pattern has historically preceded significant price rallies. For instance, the last time ENA formed a golden cross in late November, it gained more than 87% to reach its December peak of $1.33. Given the current price structure and momentum indicators, ENA is poised for further price appreciation.

Momentum indicators, such as the MACD and RSI, are also pointing higher. The MACD line has moved above the signal line, indicating upward momentum, while the RSI is in overbought territory, reflecting the sharp gains experienced by ENA. While overbought conditions can sometimes precede short-term pullbacks, robust fundamentals and strong rallies can sustain these readings for an extended period.

In summary, Ethena's recent rally is driven by a combination of improved investor sentiment, strong growth in its synthetic stablecoin, and the positive impact of Ethereum's breakout. The golden cross formation on the daily chart further supports the bullish outlook for ENA, positioning it for potential price appreciation in the near future.

References:
[1] https://crypto.news/ethena-prints-golden-cross-that-preceded-87-rally-in-2024/
[2] https://www.ainvest.com/news/bitcoin-news-today-harvard-allocates-117m-blackrock-bitcoin-etf-surpassing-stake-alphabet-2508-70/