Ethena (ENA) Price Analysis: Institutional Buying Fuels Strong Recovery

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The ENA price has demonstrated a remarkable rebound after a steep decline earlier this month. On October 10, Ethena price crashed to $0.14, triggering widespread liquidations. 

However, large-scale institutional buying quickly followed, propelling ENA nearly 200% higher from its lows. This swift recovery shows a strong accumulation by investors that were eager to capitalize on discounted prices.

As of today, ethena ena price USD trades around $0.46, that’s up 2.65% intraday, after testing support from a rising short-term trendline. 

The weekly price movement, which saw ENA climb from $0.35 to $0.50, indicates a healthy rebound structure despite facing resistance near its 20-day EMA. With both the 20-day and 200-day EMAs still overhead, the token continues to consolidate below, awaiting a stronger bullish trigger.

Neutral Funding Rates and TVL Stability Strengthen Market Outlook

While price volatility still remains a major factor, but for now the derivatives data shows a balanced sentiment among traders. Funding rates have stabilized around +0.0033%, recovering from a sharp negative dip of -0.0753% on October 11. 

Currently, it reflects a neutral bias in the market, suggesting that both longs and shorts are evenly positioned; however, on the rising bulls’ demand, funding rates could rise again.

Additionally, despite the turbulence this month, ENA price chart data suggests that accumulation continues to persist. 

As witnessed, Ethena’s total value locked (TVL) fell from its all-time high of $14.97 billion to $11.26 billion, yet this still represents nearly a 25% decline, which is much lower than how other altcoins crumbled and still holds significant value in TVL that represents investors’ good trust in Ethena. Such resilience highlights the strong underlying fundamentals supporting ENA crypto.

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Rising Fees Signal Growing Demand for Ethena’s Ecosystem

Another notable metric reinforcing the bullish narrative is Ethena’s cumulative fee revenue, which recently hit an all-time high of $578 million, according to DeFiLlama. A rise in network fees typically reflects heightened user activity and competition for transaction processing. This a strong indicator of increasing protocol usage and directly highlights adoption growth.

For Ethena, this surge in fees is closely tied to the expanding adoption of its synthetic dollar product, USDe. This rise displays that the platform’s services continue to attract more users even during periods of price correction. The elevated fees add weight to the idea that network demand remains robust, reinforcing long-term confidence in the project’s economic model.

ENA Price Prediction 2025: Key Levels to Watch

From a technical perspective, ENA price USD is approaching a critical support zone previously breached in November last year when it rallied to $1.30. This area now serves as a major resistance-turned-support zone. 

Analysts note that a daily close above the $0.65 horizontal resistance roughly a 50% increase from current levels could open the path toward $1.30 and even $1.51.

However, Ethena price prediction suggests that if the token fails to break out, then a possible consolidation phase or even a retest of lower supports near $0.20 is possible. 

Overall, despite short-term hurdles, institutional demand, steady funding rates, and rising fees collectively point toward a potentially constructive setup for ENA price heading into late 2025.

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