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 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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