Ethena’s ENA token rose 1.87% to $0.0761 following a protocol update allowing eligible users to mint and redeem USDe with USDC at zero cost. Despite the increase, ENA trades below its 20-, 50-, 100-, and 200-day exponential moving averages, signaling sellers remain in control. The token finds support at $0.074–$0.075, with resistance at $0.0796 and $0.0900. Open interest holds near $190 million, and total value locked (TVL) stands at $4.76 billion, indicating steady ecosystem activity. A break above the 20-day EMA could improve sentiment, while a drop below $0.074 would reinforce the bearish trend.
Ethena’s ENA token rose 1.87% to $0.0761 following the protocol’s latest update, which allows eligible users to mint and redeem USDe using USDC at zero cost. The move aims to improve liquidity and reduce trading friction, Ethena stated in an X announcement.
The token continues to trade below its 20-day, 50-day, 100-day, and 200-day exponential moving averages, indicating the broader trend remains bearish. Support at $0.074–$0.075 continues to attract buyers, while resistance levels sit at $0.0796 and $0.0900.
Daily trading volume of 98.53 million ENA suggests active market participation, though stronger buying pressure is needed for a sustained recovery. CoinGlass data shows open interest holding near $190 million, while DefiLlama reports $4.76 billion in total value locked (TVL) and roughly $2.41 million in protocol fees.
Ethena announced that “every onboarded Ethena mint user is now able to mint & redeem USDe with USDC for free.” The update is expected to reduce transaction costs and improve capital efficiency across the protocol.
If ENA price breaks above the 20-day EMA at $0.0796, it could improve short-term sentiment and lead to a retest of $0.0900. Conversely, a break below the $0.074 support zone would reinforce the prevailing bearish trend.
