Ethena is having a good day today, climbing off the $0.33 support zone and pushing back into mid-$0.34.
The buyers arrived early, volume picked up through the morning, and now the chart shows a clear shift in short-term momentum.
So, what triggered the ENA price to increase today? A few catalysts aligned at the right time and managed to push up the price.
What you'll learn 👉
Season 4 Rewards Dropped And They Helped the ENA Price Hold Up
The largest driver is the November 7’s release of Season 4 rewards. Ethena unlocked 3.5% of the total supply, or about 525 million ENA, but only 1.5% was instantly claimable. That alone helped soften the usual panic selling that comes with big unlock events.
Smaller wallets received their full rewards upfront, which encouraged many users to keep holding instead of dumping on the market. And because Season 5 launched at the same time, a lot of participants decided to stay engaged instead of cashing out. That combination gave the ENA price a pretty solid floor today.
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The Robinhood Listing Brought in New Buyers at the Right Time
ENA was also listed on Robinhood on November 6, giving the token fresh exposure to U.S. retail traders. Normally, a listing right after a major unlock can be risky, especially when more than 171 million ENA hit the market between November 2–5.
But this time, the listing actually helped absorb sell pressure. Trading volume jumped 70% to $364 million, which shows that new buyers stepped in fast.
There is one thing to watch, though: whales reduced their holdings by about 34% since late October. If that trend continues, it could limit the upside.
Strong Fees and a Resilient USDe Are Boosting Confidence
Another reason the ENA price is acting stronger today is Ethena’s fundamentals. The protocol generated about $77,000 in daily fees on November 7, ranking right behind giants like Aave and Lido. That’s real revenue, something many governance tokens don’t have.
USDe, the Ethena delta-hedged stablecoin, is also holding up well. With $8.9 billion in TVL, it remains the third-largest stablecoin in DeFi, even after recent market turbulence. Seeing USDe stay stable gives investors more confidence in the overall system, and that support naturally flows into ENA.
The Ethena Chart Shows Momentum, But One Line Still Matters
On the daily chart, the ENA price bounced strongly from the $0.33 area and briefly pushed toward $0.35 before pulling back. Buyers are clearly stepping in, but there’s one level that really matters: the 50-day SMA around $0.41.
ENA hasn’t been able to break above that line for weeks. If it finally flips that level into support, traders will likely start talking about a true trend reversal rather than just a short-term bounce.
What’s Next for ENA?
The ENA move today is the result of several positive factors hitting all at once, reward unlocks, a major listing, strong protocol revenue, and resilience from USDe.
The price reaction indeed supports that confidence is back, but the real test is still ahead. If the ENA price manages to push above $0.41, things may start to look a lot more bullish.
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