Ethena (ENA) Price: ENA Cools Off, But Is the Rally Really Over?

TLDR

ENA trades near $0.22, down about 2.9% on the day after retreating from its late-September high near $0.29. The token remains above its rising trend line from the August low, keeping the broader uptrend intact. USDe supply grew 20.2% in September to $4.90 billion, the fastest growth rate among the ten largest stablecoins. Ethena ended recurring ENA rewards and closed out scheduled investor token unlocks on October 5. Ether.fi is launching a branded stablecoin product built on Ethena’s whitelabel infrastructure.

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Ethena’s ENA token is trading around $0.22 on October 8. That follows a drop from a recent high near $0.29 set in late September.

Ethena (ENA) Price

The coin opened the day near $0.226 and touched $0.228 before falling toward $0.220. Daily charts show a decline of about 2.9%.

The pullback follows a rally that started in August. ENA rose from roughly $0.08 to nearly $0.29, more than tripling in value.

Even with the drop, the broader trend has not broken. ENA is still trading above an ascending trend line that started at the August low.

ENA Tests Support After Rejection Near $0.30

The clearest resistance zone on the chart sits between $0.28 and $0.30. ENA tested that area in late September before turning lower.

Source: TradingView

Price has since fallen through $0.25 and is now testing the low $0.20 range. The rising trend line sits near $0.20 to $0.21, marking the first key support zone.

Holding that level would keep the pattern of higher lows since August intact. A deeper support zone sits around $0.18 to $0.19.

If buyers step back in, $0.25 is the first level to reclaim. A move past that would put the $0.28 to $0.30 zone back in focus.

Momentum has cooled. The daily RSI sits at 50.78, near neutral after reaching overbought levels during the September rally.

MACD has also turned bearish in the short term. The MACD line sits near 0.0158, below the signal line at 0.0217, while the histogram has dropped to about -0.0060.

USDe Supply Rebounds as Ethena Expands

Ethena’s fundamentals tell a different story than the short-term chart. USDe supply grew 20.2% in September to $4.90 billion, the fastest pace among the ten largest stablecoins.

USDe also passed DAI to become the fourth-largest stablecoin by market value. Supply is still well below the $14.8 billion peak reached in October 2025.

Ether.fi is launching a branded dollar product this week using Ethena’s whitelabel stablecoin infrastructure. Ethena says ether.fi already holds more than $300 million in stablecoin balances that could help the new product.

Ethena has also expanded USDe’s backing strategy into tokenized U.S. equities. Binance bStocks can now serve as spot assets, with equity perpetual futures used to hedge the position.

The protocol has ended recurring ENA rewards once used to grow USDe. Scheduled investor token unlocks were also closed on October 5 after a buyout of locked tokens.

A governance proposal from October 6 is reviewing GHO and sGHO as possible USDe backing assets. The discussion is ongoing within Ethena’s governance forum.

$ENA PRICE PREDICTION: $3 TARGET INCOMING?#ENA has already delivered a massive 313% move from our entry zone. At current levels, I’m expecting a retracement toward the $0.13 support before the next potential expansion.

Strategy: Consider booking partial profits here and look… pic.twitter.com/daqMiPI6xd

— Crypto Patel (@CryptoPatel) October 8, 2026

Analyst Crypto Patel shared a price outlook on X, pointing to a 313% move from his original entry zone. He said he expects a pullback toward $0.13 before any further move toward the $1 to $3 range, and named that level as the point where the broader bullish structure would be invalidated.

For now, ENA is working through a correction after its September rally. The $0.20 to $0.21 zone remains the support level traders are watching most closely.

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