Ethena price is on fire right now, and the rally feels like it’s only just getting started. The token is up around 11% today, thanks to a massive $530 million boost to its treasury.
That pushes total financing to $890 million and vault holdings past 3 billion ENA. With momentum this strong, traders are already asking the big question: how high can ENA climb this month?
What you'll learn 👉
Why ENA Price Is Pumping
Two big drivers are fueling the move. First, Ethena’s synthetic stablecoin, USDe, has exploded past $12 billion in supply.
That makes it one of the fastest-growing stablecoins in DeFi, and it shows that demand for Ethena’s ecosystem is only heating up.
Second, there’s the buyback engine. Ethena is running buybacks at around $5 million a day, which steadily reduces the circulating supply.
Less supply plus rising demand usually equals higher prices, and that’s exactly what the chart is starting to reflect.
$ENA is up ~11% today 🚀
— Blockchain Bulletin (@thebbcrypto) September 9, 2025
Momentum’s very real, fueled by a $530 million boost to the ENA treasury via StablecoinX and TLGY, pushing total committed financing to $890 million and vault holdings beyond 3 billion ENA.
On the fundamentals front:
– Ethena’s synthetic stablecoin,… pic.twitter.com/t4nQj6IpTK
What the ENA Chart Is Telling Us
From a technical angle, Ethena price just broke above a major resistance at $0.77 and turned it into support.
On the 4H chart, you can see a clean breakout with buyers clearly in control. The price pushed up to about $0.84 before cooling off a little, but the overall structure is still very bullish.
If we do get a pullback, the demand zone around $0.66 to $0.70 is the area to watch for buyers to step back in. The RSI is running high, but it’s not yet screaming “overbought,” so there’s still room for the rally to stretch before we see a real correction.
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How High Can Ethena Price Go in September?
With both the fundamentals and the chart lining up, the next obvious target is $1. That’s the big psychological level traders will have their eyes on. If momentum keeps building, $1.50 isn’t out of the question before the month is over.
Of course, it all depends on whether Ethena can keep up the pace, both with the adoption of USDe and with those daily buybacks. As long as those continue, ENA has every reason to keep pushing higher.
The Big Picture
Ethena has developed extremely quickly from being another DeFi project to being one of the fastest-growing ecosystems in crypto.
With nearly $900 million in its treasury, a healthy stablecoin, and strong technicals on the chart, ENA price seems well-positioned for additional upside. Whether it tops out at $1 or runs all the way to $1.50, this rally is being built on more than just hype.
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