Ethena USDe dislocation tests ENA support at $0.1882
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) is trading at $0.2091 following a 6.69% daily decline, positioning the token below its short- and medium-term moving averages. The asset recently faced a sharp price dislocation on Binance, where its synthetic dollar USDe temporarily dropped to $0.65 before recovering near its $1 peg. Ethena Labs responded by publishing a proof of reserves showing the protocol was overcollateralized by approximately $66 million.
This event tested market confidence in the protocol’s collateral structure and operational resilience. Despite this, ENA remains below its MA-20 at $0.2124 and MA-50 at $0.214 on the hourly chart. The daily chart shows price action above the MA-200 at $0.1048, which serves as key long-term support.
The Ichimoku Kijun at $0.2181 acts as immediate resistance for any potential rebound. Momentum indicators are mixed, with MACD issuing a Sell signal while ADX favors Buy. Most oscillators, including RSI at 46.46, signal weakness, pointing to subdued demand.
Bull/Bear Power shows buyers retaining intraday dominance, but the Awesome Oscillator remains neutral. Over the next two to three trading days, ENA/USD is expected to consolidate between $0.1882 and $0.23. There is a 65% probability of a further decline and a 35% chance of upward movement. A break below $0.1882 could accelerate bearish momentum toward deeper lows.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 22 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.2127 with a 1-hour buy ratio of 52.9% and a 4-hour buy ratio of 50.7%, both slightly above the 24-hour ratio of 50.1%. This indicates that buying pressure is building in the short term relative to the longer daily view. Volume deltas are positive across all timeframes, with +$164,033 in the last hour, +$235,669 over four hours, and +$212,592 over 24 hours. The Cumulative Volume Delta (CVD) for the 24-hour close stands at +$554,496, confirming net buying activity. Net buying occurred for 14 out of the last 24 hours. Spot volume reached $79,293,628 with 454,292 trades executed. The positive volume delta means more money flowed into buys than sells during these periods.
The latest daily buy ratio of 50.0% sits at the 67th percentile of the last 323 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Compared to the preceding week, the current 24-hour buy ratio of 50.1% is 1.3 points higher than the 7-day average of 48.8%. Spot volume is 1.42 times the weekly average, indicating an unusual level of activity for this coin. While the weekly average saw only 1 day of net buying, the current day contributes to positive flow metrics. The price has risen 48.5% over the last 8 days, though the total volume delta for that period was -$7,803,438. This suggests that despite the price increase, selling pressure dominated the broader weekly trend.