$ENA 21% 24-hour surge reflects bullish technicals, whale accumulation, and growing optimism around its synthetic dollar model.
Breakout above $0.45 resistance with 157% volume spike
Arthur Hayes’ $1.5M ENA purchase (July 12) and bullish community sentiment
GENIUS Act progress reducing regulatory risks for USDe stablecoin
Deep Dive
1. Primary Catalyst: Technical Breakout
ENA surged past the critical $0.45 resistance (Fibonacci 61.8% level) on July 19-20, triggering short liquidations and momentum buying. The move was confirmed by:
RSI(14) at 76.06 (bullish but not overbought)
MACD histogram rising to +0.0145 (strong bullish crossover)
Volume spike to $834M (+157% vs prior day)
This technical momentum aligns with a July 20 community post targeting $5 if $0.40-$0.45 holds.
2. Supporting Factors: Strategic Positioning
Arthur Hayes’ accumulation: The BitMEX co-founder bought 4.2M ENA ($1.5M) via Binance/Wintermute on July 12, framing it as an altseason play
Regulatory tailwinds: Ethena argued successfully to SEC that USDe isn’t a security, sidestepping GENIUS Act restrictions ,
Institutional flows: Mirana Ventures withdrew $3.57M ENA from Binance on July 14, signaling accumulation
Conclusion
ENA’s rally combines technical momentum with strategic positioning by crypto whales and reduced regulatory overhang. While the 4-hour RSI(7) at 88.23 suggests overheating, the break above $0.45 opens a path toward $0.68 (127.2% Fibonacci extension).
Watch this week: Can ENA hold above its 20-day EMA ($0.377) to confirm the uptrend?