Technical analysis by moonypto about Symbol ENA: Buy recommendation (9/6/2025)

We are SO BACK ? Ethena is emerging as one of the most talked about projects in DeFi, positioning itself at the intersection of stablecoins, synthetic assets, and yield generation. Its flagship product, USDe, is marketed as a crypto native “synthetic dollar,” backed not by traditional banking reserves but by delta hedged ETH derivatives. This approach seeks to combine stability with yield, offering a unique value proposition in the growing market for decentralized stable assets. The bullish narrative around Ethena is driven by several factors. First, there’s rising demand for censorship resistant stablecoins that operate outside traditional financial rails. Second, its “Internet Bond” structure enables users to earn attractive yields, which has fueled strong early adoption and exchange listings. Finally, support from major backers and integrations within DeFi ecosystems add credibility and momentum to the project. That said, Ethena’s model carries notable risks! Its yield depends heavily on derivatives markets particularly perpetual futures funding rates which can compress during low volatility environments. A downturn in these rates could reduce returns and weaken demand plus competition from established players like DAI and FRAX, along with potential regulatory scrutiny of synthetic dollars, could challenge Ethena’s long term growth. Ethena represents a bold experiment in building a scalable, yield-bearing stablecoin outside the traditional system. In the short term, incentives and narrative momentum may continue to drive speculative interest in $ENA. However, long-term success will depend on whether Ethena can sustain its yields, manage derivatives risk, and navigate regulatory pressure as you see on chart Ena bulls doing their best to break 0.75$ wall, next targets are 0.83 and 0.89$