Ethena (ENA) Price Update
Ethena (ENA) price fell slightly on Thursday after reaching a daily high of $0.5788. It remains above $0.5500 following a nearly 6% gain the day before. ENA is a synthetic dollar token built on the Ethereum blockchain. Data shows growing interest from retail investors, which may lead to a breakout from its current falling wedge pattern.
Growing Retail Interest and JupUSD Launch
Interest in Ethena is rising steadily. This reflects positive market sentiment for its stablecoin-as-a-service model. On Wednesday, Ethena announced JupUSD, a new stablecoin for the Solana-based Jupiter Exchange. JupUSD is expected to launch in the coming months. It will replace about $750 million of stablecoins in Jupiter Perps’ JLP pool.
CoinGlass data shows ENA futures Open Interest (OI) rose over 4.5% in 24 hours to $1.20 billion. This increase suggests more traders are taking long positions. The OI-weighted funding rate also turned positive, moving from -0.0092% on Wednesday to 0.0054%, indicating growing bullish activity.
On-chain data from Santiment confirms rising retail interest. Investors holding 0 to 10,000 ENA tokens increased their total holdings to 48.14 million coins on Thursday, up from 47.51 million on September 30. Large investors with over 1 million ENA tokens hold 14.69 billion tokens. These holders have shown little trading activity, but their selling could cause sharp price drops.
Technical Outlook for Ethena
Ethena trades below its 50-period and 200-period Exponential Moving Averages (EMAs) on the 4-hour chart. These EMAs, at $0.5828 and $0.6239 respectively, act as resistance levels. The price is in a falling wedge pattern, formed by trendlines connecting recent highs and lows.
A clear close above the 50-period EMA and the pivot point at $0.5911 is needed to confirm a breakout. Resistance levels to watch are the 200-period EMA at $0.6239 and the R1 pivot at $0.6480. However, ENA has struggled to keep bullish momentum after Wednesday’s recovery.
The Relative Strength Index (RSI) is at 48, below the midpoint, showing weak buying pressure. The MACD indicator shows a slowdown in bullish momentum after a recent crossover. If ENA falls below the S1 pivot at $0.5273, it could test support near the $0.50 psychological level and the wedge’s lower trendline.
