ENA Eyes Reversal as Ethena Hits $57M Revenue and $12B TVL

Ethena Price Near $0.63 Support with Resistance at $0.69

Ethena is currently trading near $0.6326, reflecting weakness across hourly, daily, and weekly timeframes. The token is still under pressure at the $0.63 support zone, which has now turned into a crucial momentum decision level.

Derivatives data indicate mixed conditions with trading volume up 10.94% to $1.44B while open interest dropped 3.36% to $1.26B. On Binance, the long-to-short ratio is 2.41, while the overall market ratio is 0.92, indicating that traders should be cautious in the market.

Liquidations hit $2.09M over the last 24 hours, with $1.80M from long positions, further emphasising the increased stress bullish traders are enduring. With the liquidation heatmap showing heavy long clustering from $0.62 to $0.645, it's clear that price action remains vulnerable.

ENA Exchange Liquidation Map | Source : Coinglass

If ENA loses support below these levels, cascading long liquidations could add downward pressure. On the other hand, a breakout above $0.67-$0.70 may initiate a short squeeze, generating intense bullish momentum.

Technically, ENA is consolidating within a downwards channel and is testing the 50 midline at $0.635 as noted by analyst Jonathan Carter. He identifies bullish divergence, which can be thought of as a potential reversal.

ENA Price Action | Source : X

The 50-day moving average at $0.690 acts as dynamic resistance, and a breakout above this level could confirm a shift higher. Immediate support remains near $0.560, while deeper zones sit at $0.440–$0.320 if selling resumes.

Strong August Fundamentals Support Ethena Ecosystem

Ethena wrapped up August 2025 with all-time highs across several metrics. The project generated $57M in monthly revenue, which is a 76% MoM increase.

Total Value Locked (TVL) saw a new high of $12.47B in its history, while the FDV/Revenue ratio increased to 14.66, the best it has seen in a year. Both ENA and FDV saw an increase in market cap, to $4.45B and $10.06B respectively, indicating enhanced efficiency and growth.

The USDe stablecoin also grew quickly, with the market cap increasing from 8.21B to 12.31B from July. Liquidity increased to $225.07M and reserves increased to $6.22B.

Source : X

Staking activity remained robust with 5.64B USDe staked, equating to 45.73% staked. Meanwhile, the 30D MA APY for sUSDe broke out higher to 7.54%, the highest level in over a year.

Revenue was basically flat month over month, but the USDtb metrics remained remarkably steady with a $1.47B market cap. Overall, Ethena's positioning for expansion and increased adoption was strengthened through August.

September Token Unlock Adds Supply-Side Pressure

September will see major token unlock events for a number of projects, and Ethena is one of the most anticipated. According to CryptoRank, 94.19M ENA tokens will be unlocked on September 2 and are worth $60.03 or 1.42% market cap.

Source : Cryptorank

While smaller than other projects, the unlock can still create short-term pressure after recent consolidation. It depends on whether unlocked tokens get into circulation or end up in staking and incentives.

The strong revenue and ecosystem growth in August should help absorb the additional supply. Ethena's TVL, high-stakes participation, and growing DeFi integrations offer a cushion against short-term sell pressure.