Can Ethena (ENA) Go to $1? | Credit: Hameem Sarwar
Share
Key Takeaways
Ethena (ENA) has created a long-term double bottom pattern.
The ENA price increased by 125% since its June 22 bottom.
Can ENA sustain its upward movement to a new all-time high?
Ethena (ENA) has bounced back strongly, jumping 130% from its June lows and hitting its highest price since early February.
The surge follows a major update from the Ethena team, who announced that the supply of USDe, Ethena’s synthetic dollar, has climbed back above $6 billion, matching its all-time high.
The renewed confidence in the protocol is driving the price higher. With momentum building, let’s take a look at the charts and see where ENA might be headed next.
ENA Price Analysis
On the weekly chart, ENA found solid footing around the $0.26 support zone, which has acted as a key level throughout its recent downtrend.
This kind of move, known as a deviation (see black circle), often signals a bottom and a potential trend reversal.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
After that, ENA broke out above both a descending resistance trendline and the $0.42 resistance level, which is clear evidence that the correction phase may be over.
If the rally holds, the next key resistance levels to watch are $0.78 and $1.34. These could be important zones where price momentum either cools or accelerates.
Momentum indicators, on the other hand, are bullish. The Relative Strength Index (RSI) crossed 50 while the Moving Average Convergence/Divergence (MACD) made a bullish cross.
So, Ethena’s price prediction is bullish for the rest of 2025, and a new all-time high is possible.
What’s Next for ENA?
While the price action is decisively bullish, the wave count raises doubts about whether the price will move to new highs.
The hesitancy is because ENA has completed a five-wave downward movement since December 2024.
Even though the move led to a descending wedge and a breakout, it also means that the long-term trend is bearish.
Because of this, ENA’s recent price action may be an A-B-C correction (green), after which new lows will follow.
If the increase is corrective, Ethena will reach a local high between the $0.78-$0.91 resistance, created by the 0.5-0.618 Fibonacci retracement resistance level.
Momentum indicators do not show any weakness, since neither the RSI nor the MACD has created bearish divergences.
So, the ENA price will likely continue increasing until it reaches the resistance of $0.78-$0.91.
The reaction once it gets there will help determine if the long-term trend is bullish or bearish.
More Upside Ahead
Ethena’s strong recovery and bullish momentum suggest further upside potential, with the $0.78–$0.91 resistance zone as the next key target.
However, the price reaction at that level will reveal whether the rally marks a true trend reversal or just a corrective bounce.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
