Ethena USDe (USDE) is currently priced at $0.999144, reflecting a minor decline of -0.06872% over the last 24 hours. The daily trading range has been relatively tight, with a high of $1 and a low of $0.997327, indicating limited volatility during this period.

Volume has been significant at 216,043,535, translating to a volume-to-market cap ratio of 3.28%, which suggests active trading but may not indicate strong bullish momentum. The hourly moving averages show slight upward trends in the short term, with the 8 SMA at $0.9987 and the 13 SMA at $0.9988, while longer-term averages like the 144 SMA show a minor decline at $1.00.

The 1-hour Relative Strength Index (RSI) stands at 52, indicating a neutral position in the short term, while the 7-day RSI at 49 suggests that the asset is currently in a slight downtrend. Price changes over varying periods reflect a bearish sentiment, with a -0.085% drop over the past week and a -0.060% drop over the past two weeks, contrasted with a positive change of 0.063% over the last month.

Given the all-time high of $1.034, reached in December 2025, the current price remains close to parity with $1, hinting at a stable peg. However, the recent price action, combined with the declining longer-term moving averages and bearish momentum indicators, suggests potential downward pressure.

Based on this analysis, I recommend a Hold rating for Ethena USDe (USDE). The asset has shown resilience near its peg, but the bearish momentum and declining averages signal caution, indicating that investors should monitor for further developments before making new purchases.