Ethena's USDe Faces $8.3 Billion Outflow as Confidence Wanes
- Market Cap Decline: Since the major liquidation event on October 10, Ethena's USDe has experienced approximately $8.3 billion in net outflows, reflecting a significant loss of confidence in leveraged and synthetic collateral structures, with its market cap plummeting from $14.7 billion to around $6.4 billion, a nearly 57% loss.
- Market Crash Impact: The crash erased an estimated $1.3 trillion in crypto market value, nearly 30% of total capitalization at the time, marking a shift from a bull phase to a deleveraging period, which could lead to broader market instability.
- Price Depeg Incident: Following the crash, USDe temporarily lost its peg, dropping to about $0.65, although the founder stated that this was due to an internal oracle issue at the exchange rather than problems with the stablecoin's collateral or protocol, highlighting the fragile confidence in its stability.
- Trading Activity Slowdown: Post-crash, overall crypto trading volumes have decreased by approximately 50%, while US-listed Bitcoin ETFs have seen about $5 billion in net outflows since late October, indicating a deliberate pullback by regulated capital that further tightens market liquidity.
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Technical Analysis for USDe
Technical Sentiment Analysis for Ethena USDe (USDe) As of , Ethena USDe (USDe) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for USDe stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, USDe is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethena USDe (USDe) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.997 | 0.998 | 0.999 | 0.999 | 1 | 1.001 | 1.002 |
| Fibonacci | 0.998 | 0.998 | 0.999 | 0.999 | 1 | 1.001 | 1.001 |
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