Ethena price is making one of its strongest comeback weeks in months. This is with the token rising 12.35% higher since the previous day to trade at $0.7351. On the weekly time frame, ENA price is up again 12%, while its market cap has held past $5 billion.
The immediate catalyst for ENA’s rally is the ongoing buyback program. Ethena’s treasury arm, StablecoinX, has already executed about $150 million worth of its $260 million buyback plan since July 21, removing nearly 3.5% of circulating supply. A broader $570 million program has reduced supply by 13% overall, creating scarcity that is now driving stronger price action.
On the regulatory front, Ethena’s USDtb stablecoin has become one of the first GENIUS Act, compliant synthetic dollars after its partnership with Anchorage Digital. With trading volume spiking 140% in a single day to $1.46 billion, the cards is on the side of the bulls. So will Ethena price hit the next bulls eye at $0.8? Let us decrypt in this price analysis.
On-chain data from Santiment shows whales holding over $5M in Ethena’s stablecoin have increased their share by 3% in a fortnight’s time. This steady incline signals shopping spree by large investors, reducing available supply in circulation. Coupled with Ethena’s ongoing buyback program, this creates a strong supply squeeze that supports higher prices. The timing also aligns with USDtb’s rapid supply growth.
From a technical point of view, the ENA price has broken above its 30-day simple moving average at $0.69. It also pushed past the 38.2% Fibonacci retracement level at $0.75, though the price has faced some selling pressure just below this line. The MACD histogram has turned positive at +0.000397, further confirming bullish momentum.
For traders, the next short-term target is the 23.6% Fibonacci resistance at $0.79. A steady move above that level could open the doors toward $0.85, which is a 2024 swing high. However, this area also presents a profit-taking zone. Conversely, a crucial support lies around $0.65, and a break below it could lead to consolidation near $0.56.
The ENA price is rallying due to a $570M buyback that reduced supply by 13%, surging trading volume, and regulatory clarity that is boosting its stablecoin ecosystem.
Immediate resistance sits at $0.75 and $0.79, with a major hurdle around $0.85. Support holds near $0.65 and $0.56.
The ATH of $1.52 remains distant. While current momentum is strong, ENA would need sustained volume, continued buybacks, and favorable market conditions to retest that level.
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