Ethena (ENA) Price

Why Did Ethena (ENA) Rise in the Last 24 Hours?

The scheduled unlock on November 5 represents about 0.88% of ENA’s circulating supply, valued at approximately $17.86 million. Expectations of additional circulating supply may add selling pressure, although unlock estimates differ. Selling following the October 29 exchange security incident is also a source of pressure, but it does not establish an effect on the current move. On November 3, Ethena announced an institutional lending framework and updates on white-label stablecoin cooperation and Earn+; these developments may support fundamentals, but their timing alongside a price rebound does not prove direct causation. At 15:00 UTC that day, sell-side depth across the top five order-book levels was about 6.7 times buy-side depth, indicating heavier sell orders; a single snapshot does not reveal order-placement intent. The 4-hour moving averages were bearish and ADX was 35.07, indicating that the bearish trend structure remained, while signals on other timeframes were more neutral and showed no confirmed oversold reversal.