🚀
#ENA at the breaking point — attention to the level $0.46
If ENA manages to consolidate above $0.46 USD, it could initiate a bullish run towards $0.55 USD. The supports at $0.41–$0.45 have held well and technical indicators are already pointing to a possible breakout.
But beware: behind this movement is the engine of Ethena — the synthetic dollar USDe. In recent days, USDe lost its parity with the dollar on Binance, trading below $0.65 USD. This exposed vulnerabilities in the delta-neutral model that supports the entire ecosystem.
Ethena has clarified that the surge was localized in Binance, and that in the on-chain pools the parity was less compromised. Minting, redemption, and stabilization mechanisms are operating normally, according to the team.
If the protocol demonstrates resilience under stress, restores confidence, and activates income distribution via “fee switch,” ENA could appreciate significantly. Additionally, with the inclusion of USDe on Binance, it opens the way for greater volume and visibility.
⚠️ As always, review your risk management: such aggressive movements can reverse in the face of abrupt global market declines or liquidity issues in the hedging mechanism.
#ENA #USDe $BTC #writetoearn