Ethena Pay Launch and Technical Momentum for ENA
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) is trading at $0.1686, up 8.94% for the session and closing near its daily high. The asset has launched Ethena Pay, a self-custodial neobank on Avalanche that offers yield-bearing USDe accounts and Visa cashback in roughly 50 countries outside the US, EU, and several other markets. This product broadens access for the USDe stablecoin, supporting demand within the ENA ecosystem.
Ethena recently reallocated $200 million into tokenized AAA-rated collateralized loan obligations to improve the quality of USDe backing. An approved mechanism directs 95% of net revenue to ENA buybacks for future supply milestones. Current treasury restrictions on unlocked ENA from StablecoinX limit immediate market dilution.
Technically, ENA trades above its MA-20 at $0.1575 and MA-50 at $0.1512 on the hourly chart. It remains well above the long-term MA-200 at $0.103, with the Ichimoku Kijun providing support at $0.1588. MACD and ADX signal ongoing buying activity, while Bull/Bear Power points to intraday buyer dominance.
However, oscillator readings are stretched, with RSI at 75.7 and both Stochastic RSI and CCI in clear overbought territory. The Awesome Oscillator confirms bullish momentum but highlights that volatility has picked up and conditions are notably extended. Analysts note that while ecosystem growth and technical strength underpin the bullish momentum, near-term exhaustion is a risk.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 18 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.1546, with a 1-hour buy ratio of 46.8% and a 4-hour buy ratio of 51.8%. The 24-hour buy ratio sits at 49.1%, indicating that buying pressure is roughly balanced but slightly tilted toward sellers over the longer timeframe. The 1-hour volume delta is negative at -$100,564, while the 4-hour delta is positive at +$344,145, showing a shift from net selling to net buying over the last four hours. The 24-hour volume delta is -$684,100, meaning more money flowed out than in over the full day. CVD closed at -$1,415,083, confirming that sellers dominated the 24-hour period. Only 9 out of 24 hours saw net buying, suggesting inconsistent support throughout the day.
The latest daily buy ratio of 42.7% sits at the 1st percentile of the last 324 days, against a median of 49.0% - among the weakest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.9%, making today’s 24-hour ratio of 49.1% nearly identical to the weekly norm. Spot volume was 1.24x the average, indicating a moderately higher level of activity compared to typical days. There were only 2 days of net buying in the last 7 days, contrasting with the mixed intraday signals. The price rose 8.2% over the 8-day period, but the total volume delta was -$4,573,375, showing that despite the price increase, net outflows exceeded inflows. This suggests that the recent price action was not strongly supported by sustained net buying pressure over the week.