Ethena Token Surges 18% as Upbit Adds Trading Pairs, Industry Figures Buy In

The Ethena (ENA) token has seen a notable price increase, rising nearly 18% over the past day and currently trading around $0.4670. This surge has been driven by several key developments that have bolstered market confidence and investor interest.

One significant factor contributing to the price surge is the support announced by Upbit, South Korea’s largest exchange, for new ENA trading pairs: ENA/KRW, ENA/BTC, and ENA/USDT. This announcement on July 11 sparked a 20% price jump in a single day, highlighting the impact of increased market accessibility and liquidity on the token's value.

Additionally, notable purchases by prominent figures in the crypto industry have played a role in driving up the price. Arthur Hayes, co-founder of BitMEX, acquired 4.2 million ENA, worth approximately $1.5 million, through platforms like Binance, Wintermute, and Galaxy Digital. This move was followed by Mirana Ventures, which pulled 10 million ENA, roughly $3.57 million, off Binance on July 14. Such large-scale acquisitions typically reduce the risk of significant selloffs and enhance market confidence, attracting more buyers and reinforcing the upward price trend.

Ethena’s total protocol revenue has also been a key driver of its recent success. As of July 9, Ethena’s total protocol revenue hit $290 million, positioning it as the third-largest stablecoin issuer by revenue, just behind Tether and Circle. This financial performance has caught the attention of both institutional players and retail traders, further fueling the token's price surge.

Technical analysis of Ethena on the 4H chart reveals a strong uptrend supported by higher highs and higher lows. The current price sits above the 30-period EMA at $0.3908, with the structure showing a steep upward trajectory. The last breakout occurred at $0.42, which now acts as short-term support. The RSI (14) reads 82.41, indicating overbought conditions. While this may point to short-term cooling, strong uptrends often remain extended before a pullback. A broader demand zone lies between $0.26 and $0.30, suggesting strong backing in case of a correction. As long as ENA price holds above the $0.42 support and the 30 EMA, the trend remains bullish. Traders are watching the ascending trendline near $0.47 for a potential reaction zone. While momentum is strong, caution may be warranted for late entries due to overbought indicators.

Overall, the combination of increased market accessibility, significant acquisitions by industry figures, strong financial performance, and positive technical indicators has driven the recent price surge of Ethena. As these factors continue to support the token, it is likely that Ethena will maintain its upward trajectory in the near future.