Ethena was one of the best-performing cryptocurrencies among the top 40 crypto assets by market capitalization, rising 8.66% in 24 hours compared with Bitcoin’s 0.16% gain. Open interest in perpetual futures markets increased by 15.30%, and positive funding rates confirm an overall bullish sentiment, although spot demand remained weak according to the CVD indicator. A $1 billion buyback could fuel a rebound in ENA above $0.30, and its weekly structure has remained bullish despite the recent decline, with the RSI staying above 50. The $0.169 to $0.187 area represents key demand levels, while a four-hour closing price below $0.169 would signal further downside.
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