Ethena Price Holds $0.65 Support as Revenue Surges Past $500M

Ethena (ENA) is sitting at a critical technical level, testing the $0.65 support zone amid mixed market signals. While short-term momentum has faded, strong on-chain fundamentals and rising exchange outflows suggest long-term accumulation may be underway.

💰 Fundamentals Stay Strong Despite Price Dip

At the time of writing, ENA trades around $0.66 — down 10% for the week but flat on the day. Despite the pullback, the token remains up 32% over the past month, showing resilience against broader market volatility.

On August 21, Ethena announced it had surpassed $500 million in cumulative gross interest revenue. In just the past week, the protocol generated $13.4 million, while USDe supply surged by 670 million to reach a record $11.7 billion. Yields remain attractive, with sUSDe APY hovering near 9%.

DefiLlama data shows Ethena’s total value locked (TVL) has nearly doubled, climbing from $5.5 billion in July to $11.9 billion. USD inflows are also rising, with $3.5 billion entering the protocol this month alone.

📦 Exchange Outflows Signal Accumulation

Investor behavior is shifting. Analyst Ali Martinez reported that 140 million ENA tokens were withdrawn from exchanges over the past four days — a move often interpreted as long-term holding rather than selling. If this trend continues, it could ease sell pressure and support price stability.

📊 Technical Outlook: Mixed Signals

On the daily chart, ENA is hovering near the lower Bollinger Band, indicating short-term oversold conditions. The bands are tightening, suggesting a breakout may be near. However, momentum indicators are split:

• MACD has turned negative, hinting at fading bullish momentum.
• RSI sits at 51 — a neutral zone.
• Short-term EMAs (10- and 20-day) lean bearish, while longer-term averages (50- and 100-day) remain supportive.

If ENA holds above $0.65, a move toward $0.70 is possible. A breakout above $0.74 would strengthen the bullish case. But if support fails, price could slip toward $0.62 — the lower boundary of its recent range.