- Ethena appreciated 19.75% week-on-week as its price breached important averages and hit $0.18965.
- Ethena to have voting in store as 95% of its net income can go towards ENA purchase once USDe hits $7.5B.
- ENA token holders are free to move to October 5, whereas tokens for the team have the same vesting terms as before.
Ethena ENA recorded strong weekly momentum after the Ethena Foundation announced four ecosystem changes, including a proposal to use protocol revenue for token buybacks and the completion of a purchase of locked ENA from certain early investors.
The token was trading at about $0.1677 with a reported weekly gain of 19.75%, while 24-hour trading volume reached $2.39 billion against a market capitalization of $1.64 billion.
The price movement followed a technical breakout from an extended consolidation period and coincided with tokenholders considering changes to the protocol’s revenue and investor-token arrangements.
Ethena ENA Breaks Above Key Technical Levels
The daily ENA/USDT chart showed a sharp move above the 20-, 50-, 100- and 200-period exponential moving averages. The token also moved above the 200 EMA at $0.12899, marking a break from the price structure that had developed during the preceding consolidation period.
Source: Trading View
ENA also passed through a number of the Fibonacci extension levels during the rally, touching around $0.17069 at the 4.236 Fibonacci extension and then retraced towards $0.16627. The next reported retracement saw the cryptocurrency touch a level of $0.16509, which is 2.98% lower than its previous level.
The zone between $0.1707 and $0.1896 denotes the nearest resistance zone as seen in the provided chart analysis. The 3.618 Fibonacci extension level of $0.15764 and the 2.618 level of $0.13652 are seen as short-term support levels.
ENA had previously traded below the $0.098–$0.140 area before breaking through those historical resistance levels. The move extended to $0.18965 before the subsequent pullback, leaving those levels as potential support in the reported technical structure.
Bollinger Bands Show Expanded Volatility
The daily Bollinger Bands also recorded a substantial expansion following a period of compression. Using a 20-period setting with two standard deviations, the upper band was reported at $0.18307 as ENA advanced toward a peak of $0.18965.
The token subsequently retraced toward approximately $0.16615, representing a reported 2.36% decline. The 20-period simple moving average stood at $0.11525 and was identified as deeper dynamic support on the chart.
The Relative Strength Index provided another measure of the move. The daily RSI was reported at 75.01, while its signal line stood at 67.92. The reading placed the indicator above the commonly monitored 70 level as ENA traded following its sharp advance.
Revenue Buyback Proposal Goes to Vote
The Ethena Foundation also opened a governance vote covering a proposed fee switch. Under the proposal, 95% of the net revenue paid to the foundation from Ethena’s core business lines would be used to purchase ENA after USDe reaches a proposed supply milestone of $7.5 billion.
Tokenholders have until September 2 to vote on the proposal. At the time of the supplied data, 65 votes representing approximately 14.4 million ENA in voting power had been recorded, with all reported votes supporting the proposal.
The proposal ties potential token purchases to the USDe growth milestone rather than introducing an immediate buyback program.
Investor Token Arrangements Also Change
The foundation said it had purchased locked ENA from certain major seed investors who had sold part of their holdings during the previous nine months.
Separately, the foundation reached an agreement with lead investors to release their remaining unvested investor allocations on October 5. The arrangement replaces the existing monthly unlock schedule. The change accelerates the remaining investor unlocks rather than canceling the tokens.
Team tokens remain subject to their original vesting schedules. Ethena’s synthetic dollar, USDe, was reported by DeFiLlama as the sixth-largest stablecoin, with a market capitalization of approximately $4 billion.
ENA Trading Activity Remains Elevated
CoinGecko data cited in the supplied information showed that ENA gained 10.7% over 24 hours and 27% over the previous week, trading above $0.17 at 8:11 a.m. UTC on Friday. The broader supplied market snapshot placed the token at $0.1677 with a 19.75% weekly increase.
The stated volume of 24-hour trading of $2.39 billion in comparison with the market capitalization of $1.64 billion shows the volume of trading that occurs within the period of the price movement.
M2 Capital, which is an investment division of M2 Holdings from UAE, invested $20 million in ENA in September 2025, becoming one of the investments of the investment company. The conglomerate had invested earlier in the Sui Foundation.
FAQs
What is the ENA price according to the data provided?
ENA was valued at approximately $0.1677 after gaining 19.75% in one week.
When does the governance vote end?
Tokenholders have until September 2 to vote on the fee-switch proposal.
What happened to investor unlocks?
Remaining unvested investor allocations are scheduled for release on October 5, replacing the existing monthly unlock schedule.
