Ethena (ENAUSD) Shows Resilience: Flat Trading After Pullback, Eyes $1+

Ethena is a financial protocol built on the Ethereum blockchain, designed to provide a synthetic dollar solution that operates independently of traditional banking systems.

Measured by M0, the US dollar supply reached around $5.75 trillion in June 2025, a near all-time high, albeit a little below the December 2021 peak of $6.41 trillion, showing considerable liquidity inside the US financial system. Strong economic development, appealing US Treasury yields, and contrasting monetary policies that support the dollar's demand are underlying this increased supply, therefore maintaining the US Dollar Index (DXY) at approximately 98 early in August 2025 and reinforcing its ongoing preeminence as a world reserve currency.

Market Performance of ENAUSD
ENAUSD is trading flat after a nice pullback. It recovered above $0.60 after a minor sell-off, and the pair holds well above the short-term (34 and 55 EMA) and long-term moving averages. It hit a low of $0.51142 yesterday and is currently trading around $0.6130. The bullish invalidation can happen if the pair closes below $0.20. On the lower side, the near-term support is $0.50. Any break below targets $0.4270. The immediate resistance stands at around $0.70. Any breach above confirms a minor pullback. A jump to $ 0.77 or $0.90 is possible. A surge past $1 will take it to $1.35/$1.50.

Trading Strategy Suggestion
It is a good strategy to buy on dips around $0.530 with a stop-loss around $0.40 and a target price of $1/$1.35.