ENA Price Rises 3% Amid Significant Exchange Reserve Withdrawals

Ethena (#ENA) has increased by 3% in the last day, trading at approximately $0.66 with a market cap of $4.38 billion, while the broader crypto market remains stable.

Key developments include:

  • 140 million ENA tokens withdrawn from exchanges in four days, indicating investor confidence.
  • ENA's price surged from $0.24 to $0.84 (350% increase) following Upbit's listing announcement.
  • A $260 million buyback removed nearly 8% of circulating supply.
  • USDe supply grew by 75% to $9.3 billion, and the launch of USDtb is expected to boost institutional confidence.
  • Total Value Locked (TVL) in Ethena’s ecosystem is just below $12 billion.
  • Despite recent gains, ENA's price has dropped 24% from its local peak.

Technical analysis shows that ENA has broken out of a descending wedge pattern, with potential upside if buying volume increases. Key price levels to watch are:

  • Resistance at $0.72 for a possible retest of $0.84.
  • Support at $0.61 if the mid-band fails to hold.

The RSI is near neutral, suggesting potential for movement in either direction. Analysts suggest a bullish outlook, with some viewing current price levels as attractive for investment opportunities.

ENA price chart with RSI and Bollinger Bands. | Source: Trading View

ENA price chart with RSI and Bollinger Bands. | Source: Trading View