What triggered Ethena's latest price surge

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Ethena surges 11.18% today to $0.0984

Highlights

Coinbase Ventures initiated its first ENA token purchase and signed a strategic partnership with Ethena protocol.
The collaboration brings Ethena's USDe and sUSDe on-chain savings products into the Coinbase ecosystem, expanding user access to synthetic dollar yields.
ENA/USD trades below major moving averages with weak momentum, forecast to fluctuate between $0.09 and $0.12 amid prevailing bearish technical signals.

Strategic partnership boosts ecosystem integration via Coinbase entry

Coinbase Ventures has made its initial purchase of ENA tokens and entered into a strategic partnership with the Ethena protocol. This collaboration will integrate on-chain savings products such as USDe and sUSDe into Coinbase's ecosystem, leveraging the exchange's infrastructure and reach. Ethena runs a synthetic dollar protocol utilizing the USDe stablecoin, which employs delta-neutral hedging and allows users to stake through sUSDe to earn returns.

Anton Kharitonov, expert at Traders Union, notes persistent downside risk for ENA. The token trades below all key moving averages, signaling strong seller dominance. Technical indicators such as MACD, RSI, and ADX all reinforce ongoing weakness and oversold conditions, despite today's sharp intraday bounce. The price failed to challenge major resistance and remains capped by the Ichimoku Kijun at $0.1122. "I see little evidence of a sustainable recovery — any rally looks vulnerable to further selling while momentum remains so negative," Kharitonov says.

Viktoras Karapetjanc, expert at Traders Union, highlights the significance of Coinbase Ventures' strategic partnership with Ethena. He believes this link boosts institutional trust and expands adoption potential for ENA's protocol. Despite current price pressure, the analyst sees long-term opportunity in USDe and sUSDe's integration within the Coinbase ecosystem. "Partnerships like this build a bullish structure for ENA — further growth is expected as on-chain finance gains momentum," states Karapetjanc.

Oversold signals and divergence as buyers counter strong sell trend

ENA/USD is trading below its 20-day ($0.1006), 50-day ($0.1073), and 200-day ($0.1551) simple moving averages, which signals ongoing pressure from sellers on short-, medium-, and long-term trends. The nearest dynamic resistance on the daily chart is the Ichimoku Kijun at $0.1122, with $0.0880 on MA-5 acting as immediate short-term support. Momentum indicators signal a cautious outlook: the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) both point to weakness, as does the Average Directional Index (ADX), which remains subdued. Both the RSI and Commodity Channel Index (CCI) flag oversold conditions, while the Stochastic RSI is also deep in oversold territory on the daily chart. Bull/Bear Power (BBP) suggests that sellers are dominating intraday momentum, but short-term oscillators on lower timeframes show buyers attempting to counterattack. The Awesome Oscillator (AO) supports the general selling trend. The pair opened with a small upside gap of approximately $0.0003 and has surged 11.18% to $0.0984, ending the session near its high with a robust daily volatility amplitude of 24.29%. Intraday tone reflects strength toward highs, although short-term momentum signals and oversold conditions highlight notable divergence.

Earlier, analysts noted that Ethena was experiencing persistent downside pressure as sellers dominated price action and technical momentum. The current analysis reinforces this bearish outlook, with traders advised to watch for a break below $0.09 as a trigger for accelerated downside risk in the days ahead.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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