Why is Ethena price up today?

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Ethena rises 10.16% to $0.0936 today

Highlights

Multicoin Capital's transfer of 56.1 million ENA through major custodians intensified scrutiny around Ethena's market structure and outflows.
A major token unlock triggered a 12% drop in total value locked, falling from $1.82 billion to $1.6 billion in three days.
ENA/USD remains under pressure with momentum indicators bearish, and is forecast to trade between $0.08 and $0.11 over the next week.

Institutional flows and token unlock spark volatility amid declining TVL

Ethena saw heightened activity after Multicoin Capital moved 56.1 million ENA, valued at approximately $5.28 million, through Galaxy Digital and BitGo, which drew attention to the protocol's market structure and ongoing outflows. The period also featured a large token unlock and a 12% decrease in total value locked, falling from $1.82 billion to $1.6 billion within three days. Additionally, Ethena Labs expanded its partnership with Anchorage Digital, enabling regulated, bankruptcy-remote custody for institutional lending, while the Ethena Staked USDe (SUSDE) product reported a one-day trading volume of $6.96 million and a market cap near $1.78 billion.

Anton Kharitonov, expert at Traders Union, highlights that Ethena (ENA) remains under pressure, with price action consistently below all major moving averages. He sees persistent outflows, recent token unlocks, and a sharp drop in total value locked as negative signals for sentiment and fundamentals. Technical momentum is broadly bearish, with key oscillators and MACD showing strong sell indications. Kharitonov stresses that intraday recovery may not reflect a real shift in trend. "Unless ENA breaks above $0.11 with conviction, the risk of further downside is high and caution is warranted," he warns.

Viktoras Karapetjanc, expert at Traders Union, sees positive signals in Ethena Labs' expanded partnership with Anchorage Digital, which boosts institutional credibility and potential inflows. He notes that despite short-term volatility and outflows, headline developments show underlying growth in ecosystem activity. Karapetjanc believes regulatory progress and adoption of new products support the longer-term outlook. "I remain confident that further integrations and institutional interest will keep the bullish structure intact for ENA," he says.

Parshwa Turakhiya, analyst, points out that the upside gap and sharp intraday gain highlight short-term trading opportunities. He sees mixed sentiment as momentum remains negative but buyers stepped in aggressively today, creating two-way setups. Turakhiya believes price action is caught between key support and resistance zones, making this a range-driven environment. "If ENA can sustain above $0.09, intraday traders may find quick plays within the $0.08–$0.11 corridor," he says.

Intraday rally contrasts with sustained bearish momentum signals

ENA/USD trades below its 20-day, 50-day, and 200-day simple moving averages ($0.0975, $0.1070, and $0.1516, respectively), signaling persistent short-, medium-, and long-term downside pressure. The nearest dynamic resistance is at the Ichimoku Kijun level ($0.1076), with support likely near today’s low. Momentum remains negative on the daily timeframe, as MACD shows a strong sell and the Average Directional Index (ADX) reading is neutral but weak. Oscillators such as the Relative Strength Index (RSI) and Commodity Channel Index (CCI) also indicate sell signals, while the Stochastic RSI is neutral. Bull/Bear Power (BBP) shows a slightly positive value, meaning buyers are dominating intraday momentum; no immediate overbought or oversold signals are present. Today’s upside gap at the open was approximately $0.0097, and the price is currently in the middle of the intraday range. Intraday volatility stands at 13.61%. The pair gained 10.16% on the session, showing some strength after the opening gap. However, the divergence between positive intraday price action and broadly bearish momentum indicators keeps the short-term tone mixed.

Earlier, analysts noted that Ethena was grappling with persistent bearish momentum despite institutional interest and ecosystem developments. The current rebound amid ongoing negative momentum signals a fragile relief within a broader downtrend, and traders should closely monitor whether resistance near $0.11 triggers renewed selling pressure in the coming days.

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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