- Ethena (ENA) has surged 270% since early June, making it one of the top-performing cryptos of the summer.
- Price is nearing the 500-day descending resistance trend line at $1.10, with the final barrier at $1.30.
- Long-term indicators remain bullish, suggesting a potential breakout to all-time highs.
- Short-term charts signal caution, showing possible pullback before a breakout attempt.
- A confirmed breakout could trigger a parabolic rally to uncharted price levels.
Ethena (ENA) Price Surges 270% – Eyeing $1.30 Resistance
Ethena (ENA) has been on a remarkable rally since the start of June, skyrocketing 270% and becoming one of the best-performing altcoins in recent months. The surge has been supported by strong technical momentum and recent fundamental catalysts, including a notable collaboration with Pendle, which caused USDe supply to reach new highs.
Currently, ENA is approaching a nearly 500-day descending resistance trend line at around $1.10, just below the final major horizontal resistance at $1.30. A successful breakout above these levels could mark the beginning of a parabolic rally and potentially push the token to a new all-time high.
Also Read: Terra Classics Unveiled: Could Ethena’s USDe and Bitcoin Fusion Echo a LUNA-like Crisis?
Technical Outlook: Momentum Favors Bulls
On the weekly timeframe, ENA has posted six bullish candlesticks in the last eight weeks, with gains largely uninterrupted. Even the minor bearish sessions have been overshadowed by the size of the bullish moves.
Momentum indicators are also backing the rally:
- RSI is approaching the overbought zone at 70, showing strong bullish momentum.
- MACD remains positive, further confirming upward pressure.
If ENA clears the $1.10–$1.30 resistance zone, a sustained breakout could set the stage for significant upside gains.
Short-Term Analysis: Signs of Weakness Ahead?
While the long-term chart points to further upside, short-term signals show caution. The wave count suggests that ENA may be in its final fifth wave of the current uptrend, which could be followed by a corrective phase.
Moreover, both the RSI and MACD have shown bearish divergences, indicating that buying momentum may be weakening. This suggests that while ENA could still hit $1.10 in the short term, it may face rejection before attempting a stronger breakout later.
Can Ethena Break the $1.30 Barrier?
The $1.10–$1.30 zone is critical for ENA’s next move. A clean breakout above this range could unlock a parabolic run, potentially pushing the price into uncharted territory. However, traders should prepare for volatility and possible retracements before such a move materializes.
If the broader crypto market remains supportive, ENA could be one of the standout gainers in the coming months.
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