Ethena (ENA) has experienced a significant price surge, surpassing $0.85 on August 11th, marking a 16% jump from the previous day. This rally is fueled by several factors, including the growing popularity of its synthetic stablecoin, USDe, and the bullish momentum in the Ethereum market. USDe has surpassed $10 billion in circulation, demonstrating its rapid growth. Investors are also drawn to ENA’s strong correlation with Ethereum, which recently broke through the $4,000 barrier, providing confidence in the stability of its underlying ETH-backed reserves. This surge in confidence is being observed across various crypto markets, driving Korean investors into the stablecoin market. A golden cross pattern on the Ethena daily chart further strengthens this positive sentiment. This pattern signifies a potential long-term bullish trend following similar patterns in late 2023. While current overbought conditions may suggest a temporary pullback, analysts are optimistic about ENA’s future performance.