Ethena price was flat on Friday, even as the total value locked in its ecosystem continued soaring and the balances on exchanges plummeted. ENA token was trading at $0.7790, down from this week’s high of $0.8545.
Ethena Price Stalls Despite Major Developments
ENA price remained in a tight range even after the developers made some notable announcements. One of the main ones was that USDe and sUSDe launched on Avalanche, one of the top chains in the crypto industry. The launch means that the two stablecoins will begin to trade on DEX platforms on its chain.
Ethena price also wavered as the total value in its ecosystem jumped to a record high of $13.6 billion, making it one of the biggest players in the decentralized finance industry. USDe has the most assets with a circulating supply of $13.27 billion, while USDtb has over $1.8 billion. tsUSDe assets have stagnated at $25.47 million.
This growth has led to substantial fees and revenue in the network. Ethena has made over $123 million in fees this quarter so far, higher than the $45 million it made in the whole of the second quarter. Its earnings during this period was about $8.17 million, also higher than the $1.15 million it made in Q2.
Meanwhile, third-party data shows that the amount of Ethena tokens in exchanges dropped to 6.05 billion, down from 6.4 billion in August, a sign that investors are moving their tokens to self-custody.
At the same time, a relentless whale buying is happening as investors predict that it will continue rising in the near term. Whales now hold about 64.7 million ENA tokens, much higher than last month’s low of 48.12 million.
Ethena Price Technical Analysis
The daily timeframe chart shows that the ENA price bottomed at $0.2224 in June to a high of $0.8545 earlier this week.
Ethena price has remained between the 50% and 38.2% Fibonacci Retracement levels and is above the 50-day moving average. It is also hovering at the ultimate resistance level of the Murrey Math Lines, where reversals tend to happen.
Most notably, Ethena price has formed a double-top pattern whose neckline is at the strong pivot reverse point at $0.5895, its lowest swing on August 28.
Therefore, the double-top pattern points to a reversal, potentially to $0.600 and then it will resume the uptrend. More upside will be confirmed if it rises above the double-top at $0.8545.
