Ethereum News Today: Ethena Price Targets $1.50 After Golden Cross And 95% Supply Surge

Ethena (ENA) is attracting renewed attention as a technical pattern dubbed the “golden cross” suggests the potential for a significant price rally. This signal, historically a bullish indicator, is now aligning with strong fundamentals and broader macroeconomic optimism, raising expectations among investors for a repeat of a previous 2x surge.

On the technical front, the 50-day simple moving average (SMA) has crossed above the 200-day SMA, forming a golden cross on the daily chart. This pattern, which had previously preceded a 120% rally in late 2024, is now being closely watched for a potential reoccurrence. Analysts note that if the current trajectory mirrors past performance, ENA could see a move toward $1.50—a 94% increase from its current level—and potentially push as high as $8 in a sustained breakout [1].

The rally is being fueled by a combination of on-chain momentum and favorable macroeconomic conditions. Ethena’s core stablecoin, $USDe, has grown rapidly in just 500 days, surpassing a $10 billion circulating supply—outpacing major stablecoins like USDT and USDC. Regulatory tailwinds, including the U.S. GENIUS Act, have also contributed to the surge in adoption, with circulating supply increasing by 95% in the past 30 days alone [1].

Meanwhile, broader market sentiment is shifting as the U.S. labor market and inflation data begin to suggest a more dovish Federal Reserve stance. With an 84.5% probability of a rate cut in September, speculation is building around as many as three potential rate cuts before year-end. These cuts could stimulate inflows into risk assets, including cryptocurrencies [1].

Ethena has also benefited from a recent breakout in ETH prices above $4,000—a key psychological level. As an Ethereum-based project, Ethena’s price performance is inherently tied to Ethereum’s strength, and this has helped reinforce the bullish case for ENA. The cryptocurrency has risen 33% over the past week, making it one of the top 100 altcoin performers as retail liquidity returns to the market [1].

Despite the bullish outlook, traders are advised to remain cautious. The Relative Strength Index (RSI) has seen a sharp reversal after breaching the oversold threshold, signaling potential short-term corrections. A pullback toward $0.70 is considered a likely short-term support level as markets digest upcoming economic data [1].

Momentum indicators continue to support the bullish case, with the Moving Average Convergence Divergence (MACD) line crossing above the signal line—a sign of sustained upward momentum. This reinforces the technical thesis of a mid-term trend reversal and long-term bullish potential [1].

Investors looking to capitalize on the volatility are turning to leveraged trading platforms, with CoinFutures emerging as a notable option. Offering up to 1,000x leverage and no KYC requirements, the platform allows traders to take positions based on directional price predictions, including those for Ethena [1].

As the market awaits key economic data releases—including CPI, initial jobless claims, and PPI—Ethena remains under the spotlight. With technicals, fundamentals, and macroeconomic trends all aligning, ENA appears poised for a significant move—whether a repeat of past success or the start of a new phase of growth.

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Source: [1] Ethena Price Analysis: Double Cross Points to 2x Rally Repeat (https://cryptonews.com/news/ethena-price-prediction-rare-golden-cross-repeat-eyes-2x/)