Ethena price is turning heads again after jumping nearly 18% over the past day. The token is now trading around $0.4670, and trading volume has climbed over 25%, according to CoinMarketCap. This latest surge continues a strong breakout rally that began earlier this month, and there are several developments behind the scenes that help explain the move.
The momentum picked up on July 11, when Upbit, South Korea’s biggest exchange, announced support for new ENA pairs: ENA/KRW, ENA/BTC, and ENA/USDT. That alone sparked a 20% price jump in a single day.
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Around the same time, Arthur Hayes, co-founder of BitMEX, grabbed 4.2 million ENA (worth about $1.5 million) through platforms like Binance, Wintermute, and Galaxy Digital, according to data from EmberCN.
The buying didn’t stop there. On July 14, Mirana Ventures pulled 10 million ENA, roughly $3.57 million, off Binance. Moves like this typically reduce the risk of large-scale selloffs and often boost market confidence.
Meanwhile, data from Token Terminal shows that Ethena’s total protocol revenue hit $290 million as of July 9. That puts ENA just behind Tether and Circle, making it the third-largest stablecoin issuer by revenue. With numbers like that, it’s no surprise institutional players and retail traders are starting to take notice.
Strong on-chain activity and consistent user engagement are helping reinforce that momentum. As the fundamentals continue to improve, it looks like buyers are stepping in, and for now, they’re holding the upper hand.
ENA Price Technical Structure Points to Continued Strength
Technical analysis of Ethena on the 4H chart reveals a strong uptrend supported by higher highs and higher lows. The current price sits above the 30-period EMA at $0.3908, with the structure showing a steep upward trajectory. The last breakout occurred at $0.42, which now acts as short-term support.
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The RSI (14) reads 82.41, indicating overbought conditions. While this may point to short-term cooling, strong uptrends often remain extended before a pullback. A broader demand zone lies between $0.26 and $0.30, suggesting strong backing in case of a correction.
Moreover, as long as ENA price holds above the $0.42 support and the 30 EMA, the trend remains bullish. Traders are watching the ascending trendline near $0.47 for a potential reaction zone. While momentum is strong, caution may be warranted for late entries due to overbought indicators.
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