Ethena has returned to the upside this week, and ENA price has climbed more than 40% from Wednesday’s low near $0.134. The token reached approximately $0.19 earlier today before pulling back
Ethena has returned to the upside this week, and ENA price has climbed more than 40% from Wednesday’s low near $0.134. The token reached approximately $0.19 earlier today before pulling back toward $0.167.
That rally alone makes ENA worth watching this weekend. However, the price move comes as 2 major developments unfold across the Ethena ecosystem. One involves the rapid expansion of USDe on Robinhood Chain, and the other could directly change the economics surrounding the ENA token.
The combination arrives at an interesting moment for ENA price. The next test now comes around $0.162, where buyers may need to defend the recent rally.
Ethena price began its latest move on Wednesday after trading near $0.134. ENA then climbed above $0.16 and continued toward a Friday high around $0.19.
That represents an increase of more than 40% from Wednesday’s low to today’s high.
A look at the ENA chart shows the price has pulled back from $0.19 and is now testing an important area around $0.162. This level could determine whether the latest ENA price rally has more room to continue.
A successful defense of $0.162 could give buyers another opportunity to challenge $0.19. Breaking above that recent high could open the door for ENA price to extend its recovery.
ENA Price Chart / TradingView.com The downside scenario also deserves consideration. Losing $0.162 would weaken the current setup and could send Ethena price toward $0.14. Stronger selling pressure could even bring the Wednesday low near $0.135 back into focus this weekend.
The price setup therefore leaves several levels worth watching:
Price action provides only part of the Ethena story. Recent developments around USDe and the ENA token itself could prove equally important.
The first major catalyst comes from Ethena’s USDe stablecoin and its rapid expansion on Robinhood Chain.
Wu Blockchain reported, citing Token Terminal data, that USDe surpassed $320 million on Robinhood Chain only 8 weeks after launch. USDe now represents approximately 42% of the network’s stablecoin supply.
Ethena’s USDe Surpasses $320 Million on Robinhood Chain Within 8 Weeks of Launch, Accounting for 42% of the Chain’s Stablecoin SupplyAccording to Token Terminal data, Ethena’s USDe surpassed $320 million on Robinhood Chain within eight weeks of launch and currently accounts for… pic.twitter.com/Zvvtz5Tbgn
— Wu Blockchain (@WuBlockchain) August 28, 2026
That makes USDe the largest external dollar asset on Robinhood Chain. Only the network’s own USDG has a larger position.
Analyst Mesh connected that rapid growth to several parts of the infrastructure surrounding USDe. Steakhouse Financial selected Ethena as the primary collateral issuer for Robinhood Earn, which gave USDe an important role within the ecosystem.
Mesh also noted that around 62% to 65% of liquidity allocated through the Steakhouse USDG Vault went into the USDe/USDG Morpho market.
Borrowers have also deposited USDe into that market because it provides the deepest collateral slot within the vault.
Those numbers matter because they show USDe securing actual liquidity and collateral usage within the Robinhood Chain ecosystem. Reaching $320 million within 8 weeks gives Ethena a much larger presence on the network than its relatively recent launch might imply.
The second catalyst could have a more direct connection to the ENA token.
Ethena Foundation has announced 4 major changes involving investors, protocol ownership, revenue and future token unlocks.
One of the biggest involves a proposed revenue buyback mechanism. A governance proposal seeks to introduce a fee switch that would use net revenue from business lines under the Ethena brand to programmatically buy back ENA tokens.
We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:1. Buyout of early investors:The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any…
— Ethena Foundation (@EthenaFndtn) August 27, 2026
The Risk Committee has already approved the proposal, although the governance process remains important before implementation.
Token buybacks could create recurring ENA demand if the proposal takes effect and Ethena continues generating revenue. The eventual impact would depend on revenue levels, the amount allocated toward purchases and broader market conditions.
Ethena Foundation also completed a buyout of locked tokens belonging to certain major seed investors who had sold ENA during the previous 9 months.
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Another change concerns future VC token unlocks. Ethena Foundation and its lead investors agreed to remove the future overhang associated with monthly VC investor unlocks through the release of unvested tokens. Team tokens will remain locked under their original vesting schedules.
The Foundation and Ethena Labs have also reached a Master Framework Agreement. Under the arrangement, intellectual property and ownership of value generated by the protocol will belong exclusively to the Foundation and remain under token holder governance. Equity investors in Ethena Labs will have no residual claim on those cash flows.
Together, these changes create a different economic setup around ENA than the one token holders previously faced.
Ethena price has already made a strong move this week, but the next part could depend heavily on whether $0.162 survives the current retest.
USDe reaching more than $320 million on Robinhood Chain provides one fundamental catalyst behind the broader Ethena ecosystem. Revenue buybacks and the removal of future monthly VC unlock pressure provide another development much closer to ENA itself.
Neither catalyst guarantees that ENA price will continue higher. The chart still leaves room for a deeper correction if $0.162 fails.
A defense of that support could put $0.19 back into play. Losing it could instead send attention back toward $0.14 and potentially $0.135. That makes this weekend particularly interesting for Ethena, as the market decides whether the 40% ENA price rally has another move left.
Ethena (ENA) reaching $10 is unlikely in the near term, as it trades around $0.09 and faces major supply and market hurdles.
What is Ethena’s purpose?Ethena is a decentralized finance (DeFi) protocol built on Ethereum that issues a crypto-native synthetic dollar called USDe.
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The post Ethena (ENA) Price Is Pumping: These 2 Catalysts Could Trigger a Major Move appeared first on CaptainAltcoin.
