Ethena Price Surges as Protocol Hits $500M Revenue and USDe Supply Reaches $11.7B

Ethena price has surged 1.11% in the last 24 hours, to trade at $0.6468, on a 32.83% decrease in the daily trading volume, to $401.72 million.

Ethena Price Jumps As Protocol Crosses $500M in Revenue

The Ethena price jump comes after the protocol surpassed $500 million in total revenue, highlighting strong demand for its synthetic stablecoin USDe and attracting attention from both crypto users and major investors.

This growth comes as the wider market is looking for new stablecoins outside the usual USDT and USDC options. Institutional players like Pantera Capital and Dragonfly have started to take notice, backing Ethena’s vision for on-chain synthetic dollars.

Over the past four months, Ethena’s “USDe” token has grown into the largest synthetic stablecoin, reportedly surpassing $2.2 billion in total supply. However, Ethena Labs revealed that the protocol earned $13.4 million in revenue last week, while USDe supply hit a new all-time high of $11.7 billion.

Ethena Price Onchain Activity Shows Strength

The Ethena price momentum has also been driven by strong on-chain activity. More traders are moving funds onto Ethena to earn yield or take advantage of arbitrage opportunities. Data shows a big rise in wallet addresses holding USDe, as well as a steady increase in active daily users. Large holders have not been selling, showing confidence in the platform’s future.

Liquidity on major decentralised exchanges is growing. Ethena is now among the top protocols by fees generated. Every day, a large volume of USDe changes hands, which supports stable trading and keeps the coin price from experiencing wild swings. There are a few reports of large outflows, which also suggests most investors are content to stay put for now.

ENA Daily Active Addresses Source: Token Terminal

Ethena Price Chart Shows Bulls and Bears in a Key Battle

Looking at the daily ENA/USD chart, Ethena’s coin price is now trading at $0.6476, up 2.96% today. There has been a steady uptrend since July, with the price making higher highs and higher lows. However, Ethena is currently stuck between strong resistance and reliable support.

The chart shows a key resistance zone at $0.85. This is the top where buyers have been repeatedly stopped in recent attempts to break out. Sellers are stepping in every time the coin price moves toward this level, capping the rallies.

On the downside, support is clear at $0.62. Every dip to this level in August has attracted buyers, making it a solid floor. If this support fails, the next strong defence comes at $0.53, which sits right around the 50-day simple moving average. This moving average is still rising, showing long-term support for the trend.

ENAUSDC Analysis. Source: Tradingview

Ethena Price Support Holds at $0.62, Bulls Eye $0.85

Indicators point to a neutral mood. The Relative Strength Index (RSI) sits at 51, right in the middle, neither overbought nor oversold.

The MACD line is barely positive (0.0314), with the signal line slightly negative (-0.0217). This signals weak momentum and that the market is pausing to decide its next move. The ADX, at 30.14, indicates a strong trend is present, but it’s not extremely strong.

From here, two scenarios could unfold for Ethena coin price. If bulls reclaim $0.70 and push above $0.85, a new rally may begin, aiming for higher highs above $0.90. But if the support at $0.62 is lost, traders should watch the $0.53 level for a bounce. Further losses below $0.53 could trigger a deeper pullback toward the $0.45–$0.50 region.

Ethena is at a decision point. The coin price is balanced right between resistance and support. Traders should watch which level breaks first for the next big move. As long as the 50-day moving average stays upward, the long-term bias remains positive. However, a close below support could invite more sellers and push the price lower in the short term.