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$ENA rebounded from record lows, rising 14.01% over seven days while still falling 18.34% across the previous two-week period.
The move was supported by a buyback-and-burn governance proposal, negative perpetual funding, higher volume, and a 12% increase in futures open interest.
Traders are watching $0.100 resistance, because Ethena’s stronger TVL, users, and $USDe activity must translate into lasting $ENA demand beyond short covering while risk remains elevated after the collapse.
Ethena’s $ENA has bounced sharply from record lows, but the recovery arrives with enough contradictions to make traders uneasy. The token traded near $0.0875 after rising 3.07% in 24 hours and 14.01% over seven days, even though it remained down 18.34% across two weeks. The rebound followed a move from roughly $0.080 to $0.087 in 72 hours, supported by oversold conditions and renewed interest around protocol changes. The uncomfortable point is that $ENA’s recovery is still fighting a larger downtrend, with price below longer-term moving averages and sentiment not fully repaired.
The immediate catalyst was a governance report proposing to redirect part of protocol revenue toward $ENA buybacks and burns, reviving expectations of a deflationary mechanism. Derivatives also helped: perpetual funding rates had turned sharply negative, reaching -0.05% every eight hours, creating conditions for a short squeeze as buyers absorbed sell liquidity. Daily trading volume reached $177.18 million, 4.46% above its 30-day average, while volume-to-market-cap rose to 21.80% and futures open interest increased 12%. That makes the rebound partly technical and partly speculative, rather than a confirmed structural reversal for now.
The chart now leaves $ENA in a narrow decision zone. It trades above the seven-day simple moving average at $0.0820, but remains below the
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