Ethena token stabilized after falling sharply in recent days following Spark’s announcement of stablecoin integration. Ethena ( ENA ) rose to $0.83 on Jan. 14, recovering from this week’s low of $0.7255. Despite the rebound, the token remains 35% below its highest level this year and has formed a risky chart pattern that suggests a potential further retreat. Spark, the 13th-largest player in the decentralized finance, industry by assets, announced it would integrate Ethena’s USDe ( USDE ) and sUSDe stablecoins into the Spark Liquidity Layer. As part of the integration, Spark Liquidity Layer will allocate stablecoins to Ethena, with plans to increase the allocation to $1.1 billion. “We see USDe as an incredibly powerful primitive for the best DeFi applications and builders today. Ethena’s integration with Spark Liquidity Layer represents a major move towards enhancing the accessibility of USDe and sUSDe, allowing more users to benefit from crypto-native assets.” Ethena has emerged as one of the biggest players in the crypto sector. Its USDe stablecoin currently has a market cap of over $5.79 billion, making it the fourth-largest in the space. Unlike Tether and USDC, USDe offers holders a monthly yield, which is currently at 11%. Ethena’s staked version, sUSDe, has over $4.1 billion in assets. Spark is also a prominent player in the industry, allowing users to save and borrow stablecoins. Its USDS stablecoin has a market cap of $6.13 billion, making it the third-largest in the sector. You might also like: Ethena price rises as Chainlink whale diversifies to ENA Ethena price technical analysis ENA price chart | Source: crypto.news The daily chart shows that ENA has been in a strong downward trend over the past few weeks, dropping from a high of $1.3085 earlier this year to the current $0.8345. The token has fallen below the 50-day and 25-day exponential moving averages, signaling that bears remain in control. Most notably, Ethena has formed a double-top chart pattern at $1.3085, with the neckline at $0.8455. A double-top is a widely recognized bearish indicator. Given this pattern, ENA is likely to continue declining as sellers target the next psychological level at $0.50 — about 40% below the current price. However, a move above the key resistance level at $1 would invalidate the bearish outlook. You might also like: XRP price rises as RLUSD stablecoin flips PYUSD on a key metric
