Ethena has been turning heads lately, especially after its strong price surge and breakout through key resistance levels. With Ethereum (ETH) also climbing, traders seem more confident about ENA’s price short-term potential.
At writing, ENA sits at $0.4346, up more than 8% in the past 24 hours. Volume is also picking up, jumping by nearly 25%, which usually signals growing interest and activity around the token. Since March 23, the price has been climbing steadily, forming a clear pattern of higher highs and higher lows. Breakouts at $0.385, $0.405, and $0.421 have helped confirm the bullish trend.
Looking back a bit, the price of ENA was trading inside an ascending channel from March 13 to 25. That channel acted as a solid structure before price finally broke above it. Since the breakout, ENA has held strong — the candles are pushing up vertically with almost no signs of rejection. Traders and analysts are watching closely, with many eyeing a potential move toward $0.48 to $0.50 if the momentum continues.
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Ethena Onchain Growth and Market Sentiment
Crypto expert Edwards emphasized ENA’s vertical price movement after forming a higher low at $0.355 on X (formerly Twitter). The post also mentioned that Ethena’s synthetic stablecoin, USDtb, has surpassed $1 billion in supply and now accounts for over 70% of BlackRock’s BUIDL fund. These figures suggest strong ecosystem growth around the Ethena protocol.
Another tweet from top analyst AMCrypto pointed to ENA’s breakout potential and linked its trajectory to Ethereum’s broader rally. The tweet projected a price target of $0.55 to $0.60 for ENA in the coming weeks, aligning with technical projections following the channel breakout.
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ENA Support Zones and Short-Term Outlook
Immediate support levels are now set between $0.405 and $0.415. Secondary support is observed around $0.375 to $0.385. These zones are derived from former resistance areas that have been flipped into potential support. Price action within these ranges may determine whether ENA price continues its momentum or enters a consolidation phase.
While trading volume and candle structure support the ongoing move, analysts also note the possibility of short-term exhaustion. However, the trend remains intact as long as the price holds above $0.405. Traders are watching closely for confirmation of the next move, particularly if ETH maintains its upward direction.
Moreover, the rise in USDtb’s supply and its growing share in institutional portfolios has raised discussions about capital shifting from traditional finance into onchain assets. Some observers suggest that ENA’s price may be serving as an indirect exposure point to this movement. As such, the token’s trajectory could continue to align with macro trends in digital asset adoption and DeFi infrastructure growth.
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