ena

Ethena ( $ENA ) is trading near $0.1093, hovering just above a critical technical level that could determine its short-term direction.

After a prolonged downtrend from late 2025 highs near $0.80, ENA has compressed into a decision zone, with analysts identifying $0.108 as the level that must hold to prevent further downside.

$0.108 is the key support. If price stabilizes above this threshold, a rebound toward $0.129 becomes technically viable. A break below it, however, would signal continued structural weakness.
Price Structure and Momentum
The latest chart shows a clear macro downtrend, with ENA declining steadily from the $0.75–$0.80 range in September toward its current levels near $0.11. Volume spiked during several waves of selling pressure, particularly in late 2025 and early February 2026, confirming strong distribution phases.

Now, price is consolidating just above $0.108, which aligns with recent local lows and horizontal support on the lower timeframe. A sustained hold above this level could form a short-term base. If momentum returns, resistance levels near $0.118 and $0.124 would likely be tested before $0.129 comes into focus.

Fundamental Expansion: suiUSDe Launch
Despite technical weakness, Ethena continues to expand its ecosystem. The protocol recently launched suiUSDe on the Sui network, opening a $25 million liquidity pool via Ember. This move extends Ethena’s synthetic dollar infrastructure into the non-EVM yield-stable market, marking a strategic expansion beyond Ethereum-native environments.

This cross-chain deployment broadens the protocol’s reach and signals ongoing development activity even during a bearish price phase.

TVL Stability and Institutional Trust
Ethena’s Total Value Locked remains above $6.95 billion, demonstrating resilience amid market volatility. While ENA’s token price has faced pressure, the protocol’s capital base suggests continued institutional participation and usage.

Sustained TVL strength often acts as a stabilizing factor during corrective cycles, though it does not automatically translate into immediate price recovery.

Regulatory Risk in Focus
Sentiment has also been weighed down by regulatory uncertainty. A proposed bill in Brazil seeks to ban algorithmic stablecoins, including structures similar to USDe. While the legislation is still under discussion, the headline risk has contributed to cautious positioning among market participants.

Regulatory developments remain a key variable for the synthetic dollar model and could influence ENA’s risk profile in the coming months.
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The Level That Matters
At present, the technical structure is straightforward:

Key support: $0.108
Upside target if held: $0.129
If ENA defends $0.108 and buying pressure builds, short-term recovery toward $0.12–$0.13 becomes plausible. However, a decisive break below support would likely open the door to deeper downside exploration.

With ENA currently trading near $0.109, the market is at a pivotal point. The reaction around $0.108 will determine whether this is the beginning of a stabilization phase, or simply a pause within a broader bearish trend.
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