Ethena price eyes breakout as Bollinger bands tighten and institutional inflows pile in

Ethena price is hovering near $0.60 after retracing slightly, but tightening Bollinger Bands and sustained institutional inflows suggest the token may be gearing up for a breakout.

Ethena was trading at $0.6027 at press time, down 0.1% in the past 24 hours. The token has slipped 11% over the past week and 9% in the past month, moving in a range between $0.5847 and $0.7193.

Trading volume for Ethena (ENA) dropped 21.6% to $400.9 million over the last day, showing reduced retail activity. Derivatives markets, however, suggest more active positioning.

While open interest dropped 3.7% to $1.17 billion, futures volume increased 13.1% to $1.83 billion, indicating that traders are rotating into new contracts rather than exiting them.

Institutional demand on the rise

Institutional interest has been climbing. On Sept. 19, Ethena partnered with Flowdesk to expand USDe and USDtb access for professional traders. Around the same time, YZi Labs (formerly Binance Labs) increased its backing of Ethena. Large buyers have also been active.

StablecoinX, a $530 million fund tied to Arthur Hayes, has been purchasing millions of ENA daily for several weeks. Over the past 15 hours as of Sept. 24, a multi-signature wallet linked to StablecoinX accumulated 19.23 million ENA tokens, valued at approximately $11.8 million, at an average price of $0.614 per ENA. 

This brings its total holdings to about 88.26 million ENA, worth around $54 million. Together, these flows have created a steady price floor near $0.60.

Upcoming developments such as the Q4 testnet launch of the Converge blockchain testnet, are expected to deepen Ethena’s role in institutional-grade infrastructure.

Ethena price technical analysis

ENA is consolidating just above $0.60 on the charts, and Bollinger Bands are narrowing, which is a sign of lower volatility that often precedes a sharp move. The relative strength index near 36 suggests the token is close to oversold, while other momentum readings point to an early attempt at a recovery.

The 100- and 200-day averages are still bullish, maintaining the overall uptrend while the majority of short-term moving averages continue to lean bearish. Resistance sits at $0.62 and $0.65, with support around $0.59.

If ENA clears $0.62, it could target the mid-$0.70 range. A break below $0.59, however, risks further downside. With steady institutional buying and tightening bands, the setup favors a potential upside breakout.