Ethena price rebounds toward $0.21 on October 26. Specifically, it gained nearly 8% in 24 hours. This happened despite fresh selling linked to Arthur Hayes.
According to TradingView data, ENA traded near $0.207 on Monday. It moved between $0.1887 and $0.2108 in the previous 24 hours. Its market cap stood near $2.77 billion. Consequently, the token ranks among the 40 largest cryptocurrencies.
Why Ethena price rebounds today
The recovery follows several difficult weeks. Specifically, ENA lost roughly 22% over the past month. Trading activity picked up during the rebound. Meanwhile, social attention and technical buying supported the move. However, no confirmed new protocol announcement drove the price.
ENA’s gains follow a correction from its September rally. The token approached $0.30 before sellers pushed prices toward $0.19. ENA gained about 9% over seven days. Daily trading volume reached approximately $420 million. Its share of crypto social discussions hit a 30-day high of 0.41%. Therefore, traders are paying renewed attention.
Arthur Hayes-linked selling continues
The rebound follows substantial selling by Arthur Hayes. He is the BitMEX co-founder. On October 24, Hayes announced he closed the Maelstrom directional trading book. He took profits on Ethereum, ENA, Uniswap, and other tokens. “I think we gotta go down to go up,” Hayes wrote. He cited uncertain macro and geopolitical conditions. Consequently, he said he would remain on the sidelines.
Subsequently, Lookonchain reported another ENA sale. It involved about 14 million tokens worth $2.73 million. An earlier breakdown showed $22.28 million in Hayes-linked sales. That included a separate 14 million ENA position valued at $2.76 million. Therefore, selling pressure continues. However, wallet-tracking estimates do not establish final proceeds.
Ethena price prediction faces competing signals
Despite the selling, some analysts see a possible recovery. Analyst Alpha Crypto Signal identified a possible breakout. ENA was bouncing from a former resistance area that became support. The analyst pointed to a break above a higher-timeframe descending trendline. Conversely, CryptoBullet offered a cautious view. He argued that ENA’s fourfold advance from July to September may need a longer correction. He identified $0.122–$0.172 as a potential buying zone.
Can ENA reclaim $0.23?
On the daily chart, Ethena trades near its 20-day SMA of $0.2051. The Bollinger Bands place resistance near $0.2302. Lower support sits around $0.1801. A sustained move above $0.21 could test $0.23. Clearing that level would bring $0.25 into focus.
Momentum remains mixed. The MACD line stands at -0.0031 against a signal line of -0.0026. Therefore, the indicator remains bearish. However, selling pressure is easing. The histogram at -0.0005 shows the gap has narrowed. A bullish crossover has not yet occurred.
Immediate support sits near $0.20. Then $0.18 follows. Losing both levels could expose ENA to $0.16.
What could influence Ethena’s outlook?
Token economics remain another consideration. In August, Ethena proposed directing 95% of net revenue toward ENA buybacks. That would begin once USDe supply reached $7.5 billion. However, future buybacks depend on qualifying revenue and supply conditions. They differ from completed purchases.
Standard Chartered previously outlined a $2 forecast for ENA by end-2028. That view is based partly on Ethena’s stablecoin business and tokenized assets. Ethena also expanded USDe into tokenized equities. Its Risk Committee approved using selected tokenized stocks in part of the backing strategy.
Key levels to watch
Resistance sits at $0.21 and $0.23. Support sits at $0.20 and $0.18. A break below $0.18 could target $0.16. Therefore, traders should watch those levels closely.
