Ethena Rises 6% to Channel Top as Buybacks Stay Off

On Sunday, Ethena's ENA token extended a rebound to about 15% from a recent low near $0.18, climbing above its 50-day simple moving average near $0.204 and breaking the upper edge of a falling channel before meeting the 0.382 Fibonacci retracement near $0.209, a chart level. The token remains roughly 30% below its late-September peak after a four-week correction. Protocol-funded buybacks have not begun: under Ethena's September-approved fee switch, 95% of qualifying net protocol revenue goes to buybacks only once the 14-day average USDe synthetic dollar supply reaches $7.5 billion; USDe stood near $4.76 billion in mid-October, about $2.7 billion short. A 275 million ENA unlock is scheduled for November 1.