The ENA has been noticeably strong in the recent rebound. Foreign media claim that, with the recovery of Bitcoin and ETA-led market risks, the funds have re-directed to high-volatile stocks, and the Ethena token ENA has risen rapidly from earlier low-level areas.

Arthur Hayes' latest statement further magnifies the market's interest in Ethena. According to the commentary, he views the ENA as a potential high elasticity indicator, based not only on a price rebound, but rather on whether Ethena ' s bottom business will improve with the recovery in market activity.

Focus back on USDe Business Model

Ethena's core product is USDe. The agreement captures the proceeds from the encrypted birth strategy, and business performance is more related to derivatives market activity, financial rates and base margin gains. According to the article, Ethena ' s yield model could benefit again if the price of bitcoin continued to improve and the derivatives ' return environment improved.

It's also the core of Hayes looking at logic. The report mentions that if USDe were to use a larger scale and a more dynamic protocol, the ENA would be supported not only by short-term trading sentiment, but more by income and ecological expansion of the agreement itself.

It's a more critical phase after a rebound.

In terms of trends, ENA had been in a vulnerable zone for a long time, with prices rebounding and falling. The recent increase in this round brought it back to the top of $0.10 and allowed the market to begin to see if this position could be converted to a new support area.

According to the article, US$ 0.10 to US$ 0.11 is the more important receiving area of the day. If prices remain stable in this area and continue to break through 0.13, the market focus could move further towards a line of 0.15.

  • Key support areas: 0.10 to 0.11
  • Near-end resistance zone: 0.13 to 0.15 USD
  • Higher focus areas: 0.18 to 0.20 United States dollars

Follow-up on ecological and demand changes

At the same time, it was pointed out that the continuation of the round depended on Ethena's ability to transform market warming into sustained ecological growth. The ENA valuation base would be more stable if USDe were to increase adoption rates and agreement activities; conversely, the current optimistic outlook could also cool down if derivative revenues were to fall, or if market demand for USDe were to weaken.

The overall view of the article is that ENA has for the time being moved away from a structure that has been in a state of constant weakness, but that it will be possible to follow up, not only by market sentiment, but also by the simultaneous improvement of Ethena's business data.