Ethena Price Surges 20% After Upbit Listing Boosts Trading Volume

The Ethena (ENA) price has recently experienced a significant surge, driven by several key factors. The listing of ENA on South Korea’s Upbit exchange has been a major catalyst, with prices jumping by over 20% following a substantial increase in trading volume. This high-profile listing has boosted Ethena’s visibility and accessibility in the Korean market, contributing to a 300% surge in trading volume within the last 24 hours, reaching $1 billion. This increased volume has supported the bullish run in ENA, increasing the likelihood of further gains.

In addition to the Upbit listing, Ethena Labs has announced the integration of USDe hedging via Coinbase International using ClearLoop. This partnership enables off-exchange trade settlement for institutions, reducing counterparty risk through hourly settlements, 365 days a year. The integration with Coinbase International adds to the list of hedging venues, which already includes major exchanges like Binance, Bybit, OKX, Deribit, and Bitget. This move has further fueled bullish sentiment by providing a more robust and secure environment for institutional adoption.

The bullish momentum in Ethena has been further supported by its trendline breakout rally, which has extended above the 100-day Exponential Moving Average (EMA) at $0.3363 and the $0.3800 round figure. This marks the highest price in over a month and exceeds the six-month resistance trendline formed by joining the peaks of January 17 and May 13. The uptrend targets the 200-day EMA at $0.4143 as the immediate dynamic resistance. Sidelined investors seeking entry opportunities could target a positive close above the 200-day EMA, with the next resistance level at $0.4614, the high of May 13. The Relative Strength Index (RSI) reads 70, showing a parabolic rise to the overbought boundary, which suggests increased buying pressure. The Moving Average Convergence/Divergence (MACD) indicator displays the MACD and signal lines crossing above the zero level, indicating a bullish shift in trend. A rising trend of the green histogram bars highlights increased bullish momentum.

However, there are potential challenges ahead. Upcoming token unlocks may create short-term sell pressure, and the resistance appears to be strong. A breakout beyond the current range could help the price achieve higher targets. Additionally, the sustainability of the yield model is a concern. If future funding rates compress further, the attractiveness of USDe yield could wane, impacting long-term economics. Despite these potential downside risks, the current bullish momentum and institutional adoption suggest that Ethena has the potential to continue its upward trajectory.

Looking ahead, the question of whether Ethena will reach $1 by 2025 remains uncertain. According to the analyst's forecast, the price of Ethena (ENA) is expected to change by -67.73% in 2025, and the price of Ethena (ENA) will reach $0.2929 by the end of 2025. This forecast suggests a significant decline in price, which contrasts with the current bullish momentum. However, it is important to note that forecasts are subject to change based on market conditions and other factors. The current bullish trend and institutional adoption could potentially drive the price higher than the forecasted levels.