Ethena Dips Despite EtherFi USD Stablecoin Launch
Ethena (ENA) is trading near $0.24000 on Tuesday, showing signs of technical weakness. The Ethereum Layer-2 token has pulled back from its recent peak of $0.2946 on September 27, indicating profit-taking and buyer exhaustion. If the downward trend continues, ENA could test the critical support level at $0.2000.
Ether.Fi has launched Ether.Fi USD, a stablecoin powered by Ethena Whitelabel. This stablecoin-as-a-service (SaaS) platform allows exchanges and decentralized applications to create custom-branded stablecoins. Ethena noted that stablecoin deposits on Ether.Fi have exceeded $300 million, which will now be managed by the Whitelabel.fi protocol. Ether.Fi USD will also handle reserve management and regulatory compliance.
Ether.Fi joins other crypto projects like Maple Finance, Jupiter Exchange, and Sui Network that have leveraged Ethena’s infrastructure for unique stablecoin solutions. Despite the recent price dip, Ethena derivatives show a bullish outlook with perpetual futures Open Interest (OI) rising to 3.4 billion ENA, up from 3.2 billion ENA the previous day. OI has increased by over 32% since mid-September, while trading volume has surpassed $1 billion.
Technical analysis suggests Ethena is seeking liquidity at higher support levels. While the token has corrected from its daily high of $0.2531, it remains above key moving averages, maintaining a bullish near-term bias. The Parabolic SAR at $0.2894 indicates measured upside potential, and the RSI at 58 suggests constructive but not overbought conditions. Immediate support is around $0.2399, with deeper pullbacks potentially targeting the 50-day EMA at $0.1885.