Ethena Eyes $1.00 Amid Surging Demand and Bullish Momentum

As of Monday, Ethena ($ENA ) has reached its highest price in six months, climbing 6% and extending its bullish streak to six consecutive days. The rally now targets the psychological milestone of $1.00, with broader ambitions of revisiting its annual high near $1,000,000.

Technical indicators support continued upward momentum. Both the 100-day and 200-day Exponential Moving Averages (EMAs) are trending higher, hinting at a potential Golden Cross—a classic bullish signal that may solidify the ongoing recovery after months of bearish pressure.

The Relative Strength Index (RSI) currently sits at 76, signaling strong buying interest but also indicating overbought conditions. On Saturday, the MACD flashed a bullish crossover as the MACD line moved above its signal line, further supported by rising green histogram bars that suggest increasing bullish momentum.

However, a drop below the $0.7982 support level could negate recent intraday gains and trigger a potential retest of the $0.6576 level—the closing price from January 28.

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