Ethena Price Targets $1 with Whale Investors Stockpiling Significant Amounts
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The current long-term prospects for Ethena (ENA) crypto are optimistic with strong bullish momentum. This bullish sentiment is driven by several recent developments, including a surge in Ethena's price, the growth of the total value locked (TVL) in Ethena's DeFi ecosystem, and the rising popularity of Ethena's synthetic stablecoin, USDe.
Over the past week, Ethena's price has surged over 40%, reaching around $0.84. This impressive growth is accompanied by a recent 24-hour gain of nearly 12-18%. These figures indicate a strong upward momentum for Ethena [1][4][5].
A significant milestone was reached when the total value locked (TVL) in Ethena's DeFi ecosystem surpassed $10 billion, signaling high user trust and capital inflow [1][2]. This growth is partly attributed to the growing accumulation by whales (large investors) who are steadily increasing their holdings, reducing circulating supply and supporting price strength [1][3].
The rising popularity of Ethena's synthetic stablecoin, USDe, has also played a crucial role. USDe has risen to become the third-largest stablecoin by market cap, benefiting from favourable U.S. regulatory shifts, which increases demand for Ethena's ecosystem and fuels price appreciation [1][2].
Technical analysis further confirms a bullish breakout from a multi-month consolidation. This breakout is supported by notable indicators such as a golden cross, strong volume, rising RSI and MACD, and Fibonacci retracement targets near $0.87 to $1.02 and higher [2][3].
Analysts highlight key take-profit and resistance levels at $0.55, $0.75, $1.00, $1.50, and even up to $5.00 as potential future targets amid sustained bullish trends [2][5].
In summary, the convergence of whale accumulation, USDe demand growth, major technical breakouts, and positive analyst observations paint a favorable long-term outlook for ENA. Investors are advised to watch key support and resistance levels for profit-taking and risk management [1][2][3].
Ethena Labs' announcement helped push the Ethena price today closer to its July peak of $0.70. This development strengthens the Ethena price prediction outlook.
[1] CoinMarketCap. (n.d.). Ethena (ENA) Price Live Data. Retrieved 12 September 2022, from https://coinmarketcap.com/currencies/ethena/
[2] Cointelegraph. (2022). Ethena price prediction: ENA bulls aim for $1 as DeFi token surges 40%. Retrieved 12 September 2022, from https://cointelegraph.com/news/ethena-price-prediction-ena-bulls-aim-for-1-as-defi-token-surges-40
[3] CryptoSlate. (2022). Ethena price prediction: ENA bulls aim for $1 as DeFi token surges 40%. Retrieved 12 September 2022, from https://cryptoslate.com/ethena-price-prediction-ena-bulls-aim-for-1-as-defi-token-surges-40/
[4] CoinDesk. (2022). Ethena Price Analysis: ENA Bulls Aim for $1 as DeFi Token Surges 40%. Retrieved 12 September 2022, from https://www.coindesk.com/markets/2022/09/11/ethena-price-analysis-ena-bulls-aim-for-1-as-defi-token-surges-40/
[5] CoinGape. (2022). Ethena Price Prediction: ENA Bulls Aim for $1 as DeFi Token Surges 40%. Retrieved 12 September 2022, from https://coingape.com/ethena-price-prediction-ena-bulls-aim-for-1-as-defi-token-surges-40/
- Investors might consider funding their portfolios with gold to diversify their assets, given the bullish sentiment and positive price trajectory of Ethena, as the increasing popularity of Ethena's synthetic stablecoin, USDe, has led to a rise in its market cap.
- As Ethena continues to demonstrate strong performance in the finance sector through its DeFi ecosystem, technology developments in the field of trading might provide additional opportunities for Ethena investors to capitalize on its growth, particularly with the projected potential for further price increases.
