ENA price holds 25% weekly gain as momentum cools

Ethena’s ENA traded near $0.147 on Aug. 27, retaining a weekly gain of about 25% after its sharp breakout met resistance near $0.180.

ENA price retreats after reaching $0.180

Ethena (ENA) price was trading near $0.147 at the time of writing, up about 25% from its Aug. 21 opening price of $0.11717. The token reached an intraday high of $0.18023 on Aug. 23 before sellers took control.

The move from the weekly opening level to the peak amounted to nearly 54%. ENA has since fallen about 18% from that high, showing that traders took profits after the fast advance.

The daily chart shows that buyers attempted another recovery on Aug. 27. ENA reached $0.160 during the session but failed to hold the move, returning to the $0.147 area. Its daily range extended from $0.1424 to $0.160, reflecting continued volatility after the initial breakout.

ENA nevertheless remains well above the range that contained its price through most of July and early August. The token traded mainly between $0.075 and $0.095 before breaking higher around Aug. 20.

That advance lifted ENA through the $0.10 and $0.12 levels in quick succession. Price then accelerated toward $0.18 before entering its current pullback.

FalconX lending facility supports Ethena rally

The main catalyst behind ENA’s weekly advance was Ethena’s reported partnership with FalconX to establish a $1 billion secured warehouse lending facility.

Under the arrangement, reserve assets backing Ethena’s USDe synthetic dollar can be used in overcollateralized loans to institutional borrowers. The facility could broaden how Ethena deploys its reserves and create another source of revenue for the protocol.

Trading activity rose sharply following the announcement. ENA’s daily trading volume reportedly climbed above $1.04 billion, representing an increase of about 319% as traders responded to the institutional lending development.

The rebound occurred even as conditions became less supportive for altcoins. Bitcoin dominance rose to about 59.8%, while the Altcoin Season Index dropped from 51 to 33, pointing to a broader rotation toward Bitcoin and other large-cap assets.

ENA’s correction from $0.180 also followed an unusually steep advance. Its relative strength index reportedly reached 88 during the initial rally, placing the token deep in overbought territory and raising the probability of profit-taking.

Token concentration adds another risk. The 100 largest ENA wallets reportedly control roughly 90% of the circulating supply, meaning decisions by a relatively small group of holders may have an outsized effect on short-term price action.

ENA technicals show momentum stabilizing

The 4-hour chart suggests that ENA’s pullback is losing some force, although bullish momentum has not fully returned.

The 4-hour relative strength index stood at 51.32, slightly above its signal average of 48.83. A reading near 50 indicates balanced momentum rather than overbought or oversold conditions.

ENA’s moving average convergence divergence remained bearish. The MACD line was at 0.0006, below the signal line at 0.0015, while the histogram registered minus 0.0009.

However, the red histogram bars have become smaller. The contraction indicates that bearish momentum is weakening, even though the MACD has not yet completed a bullish crossover.

Price has also started to form a possible short-term base between $0.140 and $0.147. Buyers defended the area after the token briefly approached $0.138, but repeated failures around $0.150 show that sellers remain active above the current price.

On the daily chart, ENA remains above its Supertrend support at approximately $0.1202. The indicator shifted bullish during the breakout and will continue to support the broader recovery thesis while price stays above that level.

The Bull Bear Power indicator remained positive at 0.0431. Its bars have declined from their recent peak, however, showing that buyers retain the broader advantage but have lost some of the strength seen during the initial surge.

Liquidation map puts $0.150 in focus

CoinGlass’ three-day liquidation heatmap shows a nearby concentration of leveraged positions around $0.150. ENA was trading just below that level at the end of the chart, making it the first area likely to influence short-term direction.

A move above $0.150 could expose smaller liquidity bands between $0.153 and $0.158. The most prominent overhead cluster sits around $0.161 to $0.162, where the heatmap displays one of its brightest bands.

Price may be drawn toward that zone if ENA reclaims $0.150 with sustained buying. Clearing $0.162 would then open the way for a retest of $0.170, followed by the weekly high near $0.180.

The downside contains visible liquidity around $0.143 to $0.141. A loss of that region would weaken the developing 4-hour base and could push ENA toward $0.138.

Below that level, the daily Supertrend near $0.1202 becomes the main structural support. The previously cited 200-day exponential moving average near $0.1268 provides an additional area to monitor during a deeper correction.

ENA must therefore hold the $0.138–$0.140 region and reclaim $0.150 to strengthen its recovery attempt. Failure to defend the range would increase the risk that the breakout continues retracing toward $0.128–$0.120.

US traders considering ENA also face the usual risks attached to volatile, concentrated governance tokens. The FalconX facility may expand Ethena’s institutional activity, but ENA’s next price move will depend on whether demand can absorb profit-taking and the liquidity positioned above $0.150.