If you want to invest in or buy ENA coin and wonder what the right price to start accumulating ENA is, then you are at the right place. As we go through the analysis, we will determine different patterns and how ENA reacts to them. We will also see support and resistance, which is a good area for any instrument to buy or sell. Without any further delay, let’s dive into the ENA price analysis and explore different opportunities arising from it.
ENA Price Analysis of September 6, 2025
ENA price hit its daily low of $0.6528 on 6th September 2025, before bouncing back into a consolidation zone. Range breakout at 02:00 IST supported by a golden cross of MACD catapulted ENA into an upward moving converging triangle, which culminated in $0.7657, the day’s high. But the triangle broke down side at 09:35 IST, confirmed by a MACD death cross, to another range. From here, a breakout above resistance can send ENA to $0.8000, while a downside move threatens a drop to $0.6400.
Chart 2: ENA/USDT M5 Chart, Analysed by Vallijat007, published on TradingView, September 6, 2025
ENA price recorded the day’s low of $0.6528. Having tagged the low, price built a range. Well, the range busted out on the upside and formed into another range. The second range broke out to the upside at 02:00 IST backed by a golden cross of MACD. Price surged to the upside and created an ascending converging triangle.
The converging triangle signaled the day’s high at $0.7657. The triangle broke out to the downside at 09:35 IST propelled by a death cross of MACD. ENA price spiked down and formed a range If the range breaks out to the upside, ENA price could increase to $0.8000. If the range breaks down, ENA could drop to $ 0.6400.
Ethena’s Token Dynamics Prove Resilient Against Buybacks and Stablecoin Expansion
Ethena’s base has been aggressively pursuing its $260M buyback plan, buying an estimated $150M in ETH since July 21 as well as a 3.48% reduction in circulating supply. This daily $5M buyback effort creates upward price pressure from increased scarcity, with the foundation targeting an 8% burn of supply by late August. Such buybacks, especially when supported by protocol revenue such as Ethena’s $36M fee income in July, have powered long token rallies before — as enjoyed by fellow projects like Hyperliquid. Main market focus remains on the program’s anticipated September 5 conclusion and any extension beyond.
Also in parallel with buybacks, Ethena’s synthetic dollar stablecoin USDe has doubled its supply to $11.6B after regulators banned yield-bearing stables like USDC. With a compelling 11% APY staking yield, USDe’s ascent to the third-largest stablecoin amplifies protocol fee generation, 30% of which supports supplemental ENA burns and buybacks. This growth not only validates Ethena’s delta-neutral strategy but also warrants vigilance toward regulatory scrutiny and cross-chain ramp-up, including the TON partnership to tap Telegram’s massive audience.
Technically, ENA has just popped above the $0.70 resistance, triggering algo buying and serious BTC-linked short liquidations, but resistance near $0.75 is the immediate barrier. Prolonged price supports over $0.70 will be essential to establish a Uptrend while a drop to $0.60 is possible if momentum wanes.
In general, ENA’s price action is buoyed by supply collapse, stablecoin adoption, and solid momentum, though traders ought to be cautious in the face of broader market turbulence and impending token unlocks. Watching the token’s capacity to hold these gains out through early September will be critical in predicting additional price trajectory.
Ethena Balances Buyback Strength with Stablecoin Expansion
Ethena’s $260M buyback drive still holding up bullish momentum, with $150M completed, reducing circulating supply 3.48% since late July. And those steady $5M daily buys layer in structural demand, looking to burn through 8% of supply by September, architecting scarcity-driven upside. At the same time, the explosion in USDe stablecoin supply to $11.6B, now the third-largest in the world, propels protocol revenues — 30% of which powers additional ENA burns and buybacks. Technically, ENA has spiked above $0.70 support, with resistance at $0.75 as immediate hurdle. As long as it holds above $0.70 confirms bullish momentum but failure a pullback toward $0.60–0.64.
ENA Price Analysis of August 22, 2025
On August 23, 2025, Ethena (ENA) opened with volatility, marking the day’s low at $0.7229 before gaining upward traction. The price quickly spiked to the upside, breaking out of a converging triangle at 01:15 IST, supported by a golden crossover of MACD, and transitioned into a series of channels. Multiple bullish breakouts carried momentum forward until ENA formed an upward-moving channel that marked the day’s peak at $0.7746. Following the high, selling pressure emerged as the channel broke down at 11:10 IST, leading to a range and further downside. ENA now trades near $0.7350, consolidating between strong supply and demand levels.
Chart 1: ENA/USDT M5 Chart, Analysed by Vallijat007, published on TradingView, August 23, 2025
The ENA price marked the low for the day at $0.7229. After marking the low, the ENA price spiked to the upside and formed a converging triangle pattern. The converging triangle pattern broke out to the upside at 01:15 IST, supported by a golden crossover of MACD and price spiking to the upside, and formed a downward-moving channel.
The downward-moving channel broke out to the upside at 04:55 IST, supported by a golden crossover of MACD. The ENA price spiked to the upside and formed another downward-moving channel. The channel again broke out to the upside at 10:05 IST, supported by a golden crossover of MACD and price spiking to the upside, and formed an upward-moving channel, which marked the high for the day at $0.7746.
The upward-moving channel broke out to the downside at 11:10 IST, supported by a death crossover of MACD, price spiking to the downside, and forming a range.
The range broke out to the downside at 12:30 IST, supported by a death crossover of MACD, price spiking to the downside, and the price is currently trading at $0.7350.
Ethena Surges on Buybacks, Stablecoin Demand, and Momentum
Ethena’s native token ENA has continued its impressive rally, recording a thirteen percent jump in the last twenty-four hours and vastly outpacing the broader crypto market’s modest gains. This momentum builds on an already strong thirty-day performance, with ENA advancing nearly seven, ENA, percent over the past month, fueled by a powerful mix of internal and external catalysts.
The centerpiece of this rally is Ethena’s ambitious buyback initiative worth two hundred sixty million dollars, which began in late July. By steadily purchasing five million dollars’ worth of tokens each day, the foundation has injected steady demand into the market while reducing circulating supply. With half of the program already executed, ENA’s float has shrunk meaningfully, creating a squeeze that supports price strength.
Paired with this, Ethena’s algorithmic stablecoin USDe has greatly expanded in use following regulatory shifts under the new GENIUS Act. With banned yield-bearing alternatives among US issuers, global demand migrated toward USDe, doubling its supply to over eleven billion dollars in one month. This surge not only boosts liquidity but also drives utility for ENA holders through governance and staking incentives.
Finally, technical structures reinforce optimism as ENA breaks key resistance zones. Sustained momentum above these thresholds could propel further gains, though elevated turnover highlights considerable volatility risks ahead.
ENA Balances Buyback Strength and Volatility Risks:
ENA’s surge reflects powerful tailwinds from Ethena’s $260 million buyback program and soaring adoption of its USDe stablecoin. These structural drivers continue to tighten supply while broadening the ecosystem, providing fundamental backing for ENA price resilience. Technically, however, ENA faces a critical test as it consolidates below recent highs amid sharp intraday swings. Traders are watching closely whether the token can defend its $0.73 support zone while attempting another push toward $0.78. With institutional and regulatory dynamics boosting confidence, ENA’s long-term outlook remains bullish, though short-term volatility demands caution in positioning.
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