Ethena price seeks to hold above a crucial support area as ENA’s most recent update has provided traders with a new catalyst.
According to Ethena, eligible users can now mint and redeem USDe using USDC at zero cost, a move aimed at improving liquidity and reducing trading friction.
At the time of writing, Ethena Price is trading at $0.0761, up 1.87% over the past 24 hours. Despite this increase, the token remains below key exponential moving averages, keeping the broader trend bearish.
Also Read: Ethena Price Outlook: Can ENA Reclaim the $0.1397 Resistance Level?
ENA Price Faces Key Resistance
The daily TradingView chart shows that ENA Price is trading below its 20-day EMA ($0.0796), 50-day EMA ($0.0865), 100-day EMA ($0.0998), and 200-day EMA ($0.1479), indicating that the overall trend remains bearish.
Support at $0.074–$0.075 continues to attract buyers, while the next resistance levels are $0.0796 and $0.0900. Meanwhile, daily trading volume of 98.53 million ENA suggests market participation remains active, although stronger buying pressure is required to confirm a sustained recovery.
Also Read: Ethena Price Prediction: Can ENA Rally to $0.13 After Reclaiming Support?
Ethena Price Gets Fundamental Support
In its latest X announcement, Ethena said “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, which could encourage greater use of USDC across the protocol.
CoinGlass data also 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, highlighting steady ecosystem activity despite ENA’s recent price weakness.
What Traders Should Watch for ENA Price
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.
On the other hand, a break below the $0.074 support zone would reinforce the prevailing bearish trend. Cryptocurrency markets remain highly volatile, and traders should monitor price action, market sentiment, and upcoming catalysts before making investment decisions.
Also Read: Ethena Price Could Surge as User Engagement Hits Multi-Month Peak
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
