Ethena (ENA) is currently testing a critical support level at $0.65, with traders watching closely to see whether the token can hold its ground. At the time of writing, ENA was priced at $0.6601 down 10% over the past week but holding steady on the day. Despite the pullback, the token remains up 32% in the past month, showing resilience even as short-term momentum fades.<\/p>\n\n\n\n
On the derivatives side, activity has cooled off. According to CoinGlass, open interest in ENA slipped just over 3% to $1.26 billion, while daily trading volumes fell nearly 27% to $1.48 billion. That decline suggests traders are de-risking, waiting for clearer signals before reentering the market.<\/p>\n\n\n\n
While the price has struggled, Ethena\u2019s fundamentals are telling a different story. On August 21, the project announced it had generated more than $500 million in cumulative gross interest revenue<\/strong>. In just the last week alone, Ethena raked in $13.4 million.<\/p>\n\n\n\n At the same time, Ethena\u2019s USDe stablecoin supply has surged to an all-time high of $11.7 billion<\/strong>, thanks to a fresh 670 million tokens minted in the past week. Yields are still attractive, with sUSDe offering around 9% APY.<\/p>\n\n\n\n DefiLlama data shows Ethena\u2019s total value locked (TVL) has almost doubled in recent weeks from $5.5 billion in July to $11.9 billion as of August 22. Inflows remain strong, with $2.9 billion entering in July and another $3.5 billion already this month.<\/p>\n\n\n\n Adding to the bullish picture, exchange data reveals that 140 million ENA tokens have been pulled from trading platforms in just four days<\/strong>, according to analyst Ali Martinez. When tokens leave exchanges, it often signals long-term holding rather than imminent selling, which can help reduce selling pressure and stabilize prices.<\/p>\n\n\n\n On the charts, ENA is sitting right at its $0.65 support zone. Bollinger Bands are narrowing, suggesting a breakout could be coming, while ENA\u2019s proximity to the lower band hints at oversold conditions often a setup for a rebound if buyers step in.<\/p>\n\n\n\n Momentum signals are mixed, however. The MACD has flipped negative, showing weakening bullish momentum, while the RSI is sitting at 51, reflecting neutrality. Short-term EMAs (10-day and 20-day) lean bearish, signaling pressure, but the longer-term supports from the 50- and 100-day averages remain intact keeping the broader uptrend alive.<\/p>\n\n\n\n If ENA can stay above $0.65, a rebound toward $0.70 looks likely, with a break above $0.74 further strengthening the bullish case. But if $0.65 fails, the next support lies around $0.62, marking the lower end of the recent trading range.<\/p>\n\n\n\n Ethena may be under short-term pressure, but the fundamentals continue to strengthen, from revenue growth to record-breaking USDe supply and strong token outflows from exchanges. For traders, the $0.65 level is the key to watch holding it could set the stage for another leg higher, while a breakdown risks opening the door to deeper losses.<\/p>\n","protected":false},"excerpt":{"rendered":" Ethena (ENA) is currently testing a critical support level at $0.65, with traders watching closely to see whether the token can hold its ground. At the time of writing, ENA was priced at $0.6601 down 10% over the past week but holding steady on the day. Despite the pullback, the token remains up 32% in…<\/p>\n","protected":false},"author":3,"featured_media":10894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[65,1521,234],"class_list":["post-10869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-crypto","tag-ethena-labs","tag-price"],"yoast_head":"\nTechnical Outlook: Testing Key Levels<\/h3>\n\n\n\n
The Bottom Line<\/h3>\n\n\n\n