Ethena ($ENA) has been grabbing attention for over a month, as it jumped about 10% in the last 24 hours to currently trade at $0.6196. With USDe’s market cap rising and new regulated products launching, Ethena’s synthetic dollar project is gaining momentum.
Traders are now asking important questions as they watch whether $ENA can challenge its next resistance level.
$ENA’s 140% July Rally: Whales & Institutions Driving Demand
Ethena is a crypto-native synthetic dollar protocol on the Ethereum blockchain.
Its flagship stablecoin, USDe, uses a delta-neutral strategy (long spot, short futures) to maintain a dollar peg and generate yield via sUSDe, without relying on traditional banking assets. This offers censorship resistance and flexibility but adds complexity and risk if market dynamics change.
$ENA is the governance/utility token of the Ethena network, with the maximum supply being 15 billion tokens. Circulating supply and rich-list dynamics suggest a relatively distributed holder base, according to Etherscan.
Additionally, USDe’s market cap has surged 75% within a month, with recent reports showing it has eclipsed $9.29 billion. This makes it the third-largest stablecoin by supply and drives capital inflows into the protocol.
That explosive growth fed directly into $ENA’s narrative: the governance token rallied strongly, gaining between 140% and 155% in July while weekly trading volume surged to approximately $1.41 billion and open interest climbed about 30%.
That institutional move was amplified when Arthur Hayes publicly committed roughly $1.06 million to $ENA in late July, sparking an immediate price reaction.
Whale behavior mirrored institutional interest, with large holders accumulating some 79.25 million ENA in a single week.
Additionally, Ethena partnered with federally regulated Anchorage Digital to issue USDtb, billed as the first U.S. GENIUS Act–compliant stablecoin, introducing a regulated onshore dollar product alongside its more experimental USDe.
According to DeFiLlama data, the total value locked (TVL) of the $ENA token is over $9.5 billion, ranking it among the top six DeFi protocols as of early August 2025.
On-chain analytics also indicate growing adoption, and a large percentage of $ENA tokens are held by large whales, indicating commitment from the big players.
If trends persist with growing USDe adoption, USDtb-driven regulatory clarity, and strong whale confidence, analysts project $ENA could reach between $1.00 and $1.50 by year-end, with higher targets possible if the ecosystem expands further.
$ENA Tests $0.68 Resistance Again After Rounded Retest From $0.54 Base
$ENA is making another approach toward the $0.68 resistance level after completing a rounded retest pattern that began forming following last month’s rejection.
This level capped the price during the previous rally, which was fueled by an 18% price jump tied to wallet activity from large investors like Arthur Hayes and sharp increases in derivatives positioning.
That move carried $ENA/$USDT from a base near $0.54 to a high of $0.6864 before momentum faded into supply. The current climb back to this zone unfolds more gradually and with less visible leverage, creating a structurally healthier setup.
The 4-hour chart shows a clearly defined rounded retest, with price curling higher off the $0.54 low and maintaining higher lows throughout.
Volume during the climb has been consistent, though no breakout influx has occurred yet. This helps distinguish the current advance from the earlier parabolic move, which was accompanied by funding spikes and liquidation clusters.
The market structure remains intact above the trendline, and the bias remains to the upside so long as price holds above $0.61 on intraday pullbacks.
The 30-minute footprint chart offers more nuance. From $0.6060 up through $0.6180, volume is fairly distributed, but the delta profile reveals sporadic selling into strength.
A sequence of three consecutive red deltas from 08:00 to 09:30 UTC totaled more than -5.7 million, despite average-sized candles.
That points to passive sellers still present in the region. However, bulls have managed to hold the price firm above $0.6160 despite that resistance, suggesting either absorption or fatigue on the sell side.
This retest of $0.68 comes without the crowded long positioning that characterized last week’s breakout attempt.
Derivatives data earlier this week showed excessive long exposure with a top-heavy long/short ratio, particularly on Binance and Bybit. That has since normalized, reducing the risk of liquidation-driven retracements.
If the bulls can reclaim $0.662 and push through $0.684 on volume, the previous high at $0.6864 becomes vulnerable again.
On the other hand, failure to do so, especially if the delta turns sharply negative again near resistance, may result in a local double top, leading to a price drop. Until then, the trend remains constructive, with the market waiting to see whether the supply wall at $0.68 has weakened since the last test.
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