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Ethena price has risen nearly 5% in the past 24 hours as multichain expansion and steady $USDe demand have boosted investor interest.
According to CoinGecko data, $ENA traded around $0.091 at the time of writing after gaining about 4.8% over the previous 24 hours and roughly 9% over the past week.
The token briefly approached $0.093 before easing slightly, while still holding above levels seen at the start of the rally.
Behind the latest move, Ethena Labs has continued expanding the reach of its synthetic dollar $USDe across centralized exchanges, lending markets, and Layer 1 networks.
Recent ecosystem updates indicate that demand for the protocol's stablecoin has continued to build, giving investors fresh reasons to accumulate $ENA.
Ecosystem growth continues to support demand
One of the latest developments came from Bybit, which removed minting and redemption fees for $USDe using USDC.
The change allows institutional and retail users to create and redeem $USDe more efficiently through the exchange's API infrastructure.
At the same time, Ethena expanded $USDe onto Avalanche with native deposit and withdrawal support while also launching both $USDe and staked $USDe across the Monad ecosystem.
Native integration with Aave on Monad enables users to borrow against their $USDe positions while benefiting from Monad's high-throughput execution environment, increasing the token's utility across decentralized finance.
Activity on lending markets has also accelerated. Morpho deposits backed by $USDe have surpassed $300 million, pointing to growing use of the asset as collateral rather than simply a trading instrument.
Another milestone came from the protocol itself after Ethena reported distributing more than $750 million in cumulative rewards while maintaining approximately $4.4 billion worth of $USDe in circulation.
Continued demand for the protocol's delta-hedged yield product has kept participation elevated even as broader crypto market conditions have fluctuated.
Distribution has also widened through Robinhood's recently launched blockchain ecosystem.
Ethena allocated more than $50 million into Robinhood Chain's Morpho USDG vault, contributing to the network surpassing $250 million in total value locked shortly after launch.
Within Robinhood's in-app Crypto Earn product, $USDe accounts for more than 70% of collateral allocations through infrastructure built with Morpho and Steakhouse Financial.
Meanwhile, Chainlink Data Feeds have been integrated to provide secure pricing for $USDe across Robinhood Chain and its lending markets, supporting yield products available to retail and institutional users.
Some market observers have also pointed to institutional interest surrounding $USDe workflows, including BlackRock's Aladdin platform exploring related integrations, although no production deployment has been announced.
Can $ENA extend its recovery?
Price action has also begun aligning with the improving fundamentals.
Market data indicates the recent advance has been driven primarily by spot buying rather than leveraged speculation.
Futures funding rates have remained close to 0.005%, suggesting traders have not aggressively piled into long positions despite the recent gains.
The daily chart also points to improving momentum. $ENA has recovered from June lows near $0.07 and is now trading above the recent consolidation range while forming higher lows.
$ENA/$USDT 1-day price chart. Source: TradingView.
The Relative Strength Index has climbed to around 64, showing strengthening buying momentum without entering overbought territory.
Momentum indicators are reinforcing that rally.
The MACD has produced a bullish crossover, with its histogram turning positive after spending weeks in negative territory, indicating buying pressure has continued to strengthen.
At the same time, $ENA’s on-Balance Volume has started trending higher after a prolonged decline, suggesting buyers are gradually accumulating $ENA instead of distributing holdings into the recent rally.
See below:
$ENA/$USDT 1-day price chart. Source: TradingView.
From a price structure perspective, $ENA is approaching an important resistance zone around $0.098 to $0.10.
A sustained breakout above that area could open the way toward the next Fibonacci extension near $0.116.
Beyond that, the next technical objectives sit around $0.144 and $0.173 if buying momentum continues and market conditions remain supportive.
For now, however, holding above current support levels while maintaining rising volume will likely determine whether $ENA's recent advance develops into a broader recovery or stalls below the psychologically important $0.10 level.