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- $ENA rebounded from record lows, rising 14.01% over seven days while still falling 18.34% across the previous two-week period.
- The move was supported by a buyback-and-burn governance proposal, negative perpetual funding, higher volume, and a 12% increase in futures open interest.
- Traders are watching $0.100 resistance, because Ethena’s stronger TVL, users, and $USDe activity must translate into lasting $ENA demand beyond short covering while risk remains elevated after the collapse.
Ethena’s $ENA has bounced sharply from record lows, but the recovery arrives with enough contradictions to make traders uneasy. The token traded near $0.0875 after rising 3.07% in 24 hours and 14.01% over seven days, even though it remained down 18.34% across two weeks. The rebound followed a move from roughly $0.080 to $0.087 in 72 hours, supported by oversold conditions and renewed interest around protocol changes. The uncomfortable point is that $ENA’s recovery is still fighting a larger downtrend, with price below longer-term moving averages and sentiment not fully repaired.
The immediate catalyst was a governance report proposing to redirect part of protocol revenue toward $ENA buybacks and burns, reviving expectations of a deflationary mechanism. Derivatives also helped: perpetual funding rates had turned sharply negative, reaching -0.05% every eight hours, creating conditions for a short squeeze as buyers absorbed sell liquidity. Daily trading volume reached $177.18 million, 4.46% above its 30-day average, while volume-to-market-cap rose to 21.80% and futures open interest increased 12%. That makes the rebound partly technical and partly speculative, rather than a confirmed structural reversal for now.
$ENA’s $0.100 Resistance Becomes the Key Test
The chart now leaves $ENA in a narrow decision zone. It trades above the seven-day simple moving average at $0.0820, but remains below the 15-day average at $0.0862 and faces key resistance at $0.0913, then $0.1002, where the 50-day moving average sits. Support stands at $0.080, with deeper risk near $0.072. Momentum indicators look better, with daily RSI at 42 and MACD showing a bullish crossover. Still, the $0.100 level is the recovery checkpoint, because failure there could send $ENA back toward recent lows.
Fundamentals offer some support, though not enough to erase risk. Ethena’s synthetic dollar $USDe generates native yield through delta-neutral derivative positions, while protocol TVL has recovered to about $2.45 billion, a three-month high. Active addresses rose 15% weekly, $ENA holders increased 8% over the past month, and $USDe transfer volume grew 12%. Even so, market cap sits near $812.87 million, down 94.22% from the $1.51 peak, while dilution and competition remain concerns. For $ENA, the recovery thesis depends on revenue becoming token value, not just another relief rally after a brutal collapse. Until then, the bounce looks meaningful, but fragile, especially in an asset that has already lost more than 90% of its value overall.
