Ethena Corrects as EtherFi Launches Stablecoin on Its Platform

Ethena (ENA) is experiencing a correction, retreating from recent gains as traders seek liquidity ahead of a potential recovery. The token is currently trading near $0.24000 on Tuesday, having peaked at $0.2946 on September 27. The pullback highlights profit-taking and buyer exhaustion, with potential support levels at $0.2000 and lower technical zones.

Ether.Fi has launched a stablecoin on Ethena’s infrastructure, joining other networks like Sui Network and Jupiter Exchange. Ether.Fi USD, powered by Ethena Whitelabel, is a stablecoin-as-a-service (SaaS) platform that enables custom-branded stablecoins. Ethena reported that stablecoin deposits across Ether.Fi exceed $300 million, with the Whitelabel.fi protocol managing these deposits, including minting, redemption, reserve management, and regulatory compliance.

Despite the correction, Ethena derivatives maintain a bullish outlook, with perpetual futures Open Interest (OI) rising to 3.4 billion ENA on Tuesday, up from 3.2 billion ENA the previous day. Trading volume has also surpassed $1 billion, aligning with rising OI and increasing the likelihood of a fresh bullish campaign. However, investors should remain cautious as long as ENA remains below the critical $0.3000 psychological supply area.

Technical analysis indicates that Ethena is seeking liquidity at higher support levels, trading at $0.2399 after extending its down leg from the daily high of $0.2531. The token maintains a bullish near-term bias, holding above key Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) at 58 suggests constructive directional pressure but not overbought conditions, while the Moving Average Convergence Divergence (MACD) hints at losing momentum. Immediate support lies around $0.2399, followed by the 50-day EMA at $0.1885. On the upside, the Parabolic SAR at $0.2894 marks the next key resistance.