Ethena is testing a key $0.65 support level as strong on-chain fundamentals meet weakening short-term momentum. At the time of writing, ENA traded at $0.6601, down 10% over the past week but flat on the day. Despite recent pressure, the token remains up 32% in the last month, signaling resilience against broader market volatility.
Derivatives activity has also cooled. According to CoinGlass, ENA’s open interest slipped just over 3% to $1.26 billion, while derivatives trading volume dropped nearly 27% to $1.48 billion in the past 24 hours.
This decline points to reduced speculative exposure, suggesting traders are de-risking and waiting for clearer trend confirmation before reentering the market.
Ethena surpasses $500M in revenue as USDe supply reaches all-time high
On Aug. 21, Ethena announced on X that it had surpassed $500 million in cumulative gross interest revenue. Over the past week, the protocol generated $13.4 million in revenue, while USDe mints increased by 670 million, driving total supply to a record $11.7 billion. Yields remain attractive, with sUSDe APY holding steady at around 9%.
DefiLlama data shows that Ethena’s total value locked has nearly doubled in recent weeks, climbing from around $5.5 billion in July to $11.9 billion at press time. Capital inflows have also strengthened, with $2.9 billion entering in July and more than $3.5 billion added so far this month as of Aug. 22.
At the same time, investor behavior in ENA markets is shifting. Analyst Ali Martinez reported on X that 140 million ENA tokens have been withdrawn from exchanges over the past four days.
This trend is typically viewed as a sign that investors are shifting their tokens into long-term storage rather than preparing to sell. If it continues, the pattern could ease short-term sell pressure and support greater price stability.
Ethena technical analysis
On the daily chart, Ethena is hovering near the critical $0.65 support zone. The tightening Bollinger Bands signal contracting volatility and the potential for a breakout, while its proximity to the lower band suggests short-term oversold conditions and a possible rebound if buying momentum emerges.
Momentum indicators highlight ongoing uncertainty. The MACD has slipped into negative territory, signaling fading bullish strength, while the RSI sits at 51, reflecting a neutral stance. The 10- and 20-day EMAs are tilting bearish, hinting at potential downside pressure. However, longer-term supports such as the 50- and 100-day averages remain intact, indicating that ENA’s broader uptrend is still in play.
If ENA holds above $0.65, a move toward $0.70 is possible, with bullish momentum reinforced on a breakout above $0.74. Conversely, a failure to defend support could open the door to a drop toward $0.62, the lower boundary of its recent trading range.
