Update
ENA Rally Takes a Breather: Ethena Testing Support Levels
Cryptocurrency traders have observed Ethena’s ENA token, which has been on an impressive rise since August, slowing down recently. ENA has failed to push through the $0.28 to $0.30 resistance zone, trading around $0.22. Technical signals suggest caution, but growing activity in the Ethena ecosystem indicates a more optimistic outlook. The token’s recent weakness is part of a broader constructive structure, with the ascending trend line near $0.20 to $0.21 acting as a critical support area. Momentum indicators are in neutral territory, with the Relative Strength Index near 50.78. Ethena’s USDe stablecoin supply has grown by 20.2% in September, reaching $4.90 billion and surpassing DAI to become the fourth-largest stablecoin by market value. Ether.fi, a platform using Ethena’s white-label stablecoin infrastructure, is launching a branded dollar product, adding value to the ecosystem. Ethena has also expanded USDe’s backing model to include Binance bStocks as spot assets and equity perpetual futures for hedging support.