Ethena’s ENA token is testing a critical support level near $0.23, down about 1% in the last 24 hours amid ongoing selling pressure. The ENA price movement stays within a narrow range, with daily indicators suggesting consolidation rather than a clear trend.
Trading volume remains active at around $80 million, but there are no signs of a sustained rebound yet. The move comes as Ethena’s protocol fundamentals weaken, with a sharp decline in total value locked, adding pressure to the ENA price structure.
Ethena TVL Declines Sharply as Capital Exits Synthetic Dollar Trade
Ethena’s fundamentals have weakened materially, with Total Value Locked falling from $14.98 billion in October 2025 to $6.55 billion by January 2026. More than $8 billion in outflows from the USDe stablecoin have driven the contraction, signaling reduced capital allocation to Ethena’s synthetic dollar strategy. For ENA, this matters directly, as lower TVL reduces protocol activity, fee generation expectations, and long-term token demand.
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Meanwhile, Ethena continues to generate meaningful protocol revenue despite the decline in TVL. Over the past 90 days, Ethena recorded approximately $79 million in revenue, placing it fourth among stablecoin issuers by revenue, behind Tether, Circle, and Sky. This performance gives Ethena roughly a 3.7% share of total stablecoin issuer revenue over the period.
At the same time, Ethena continues to expand its product footprint. April USDe and sUSDe, the principal tokens, were listed on Aave’s Plasma instance with initial caps of $40 million and $100 million, respectively, with plans to raise capacity as demand scales.
While this integration supports ecosystem relevance, it has not yet offset the broader capital rotation away from Ethena toward competing yield and stablecoin protocols, including MakerDAO. The result is a fundamental backdrop that remains a headwind for the ENA price despite incremental product progress.
ENA Price Trades Below Key Averages as Support Holds Firm
ENA price is down roughly 1% on Saturday, with short-term momentum showing early stabilization but no confirmed trend reversal. On the daily timeframe, TradingView’s indicator summary is overall bearish, reflecting continued pressure beneath key moving averages.
Momentum indicators are mostly neutral. The Relative Strength Index is around 48, indicating no oversold or overbought conditions, which supports the idea that Ethena is consolidating rather than trending. Stochastic and CCI readings remain neutral, and the ADX near 21 suggests a weak trend.
Moving averages continue to cap price. ENA price trades below most short- and medium-term EMAs and SMAs, including the 10-, 20-, 50-, 100-, and 200-day averages, keeping the broader technical bias defensive. Only select short-term simple averages are flashing buy signals, highlighting limited near-term relief rather than a structural shift.
Sjull of AltCryptoGems points out that the Ethena price is holding a clearly defined horizontal support level after a failed breakdown, and has since rebounded into a higher trading range.
He frames the structure as an early expansion phase within a broader “power of three” setup, contingent on buyers continuing to defend the former range low. The pullback from recent highs, in his view, remains corrective as long as support holds.
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