- ENA trading volume surged by 154.52% to $636M after Upbit listing, boosting price to $0.3535 and market cap to $2.23B.
- Grayscale added ENA to potential products; SEC meeting hints at USDe’s classification as a payment tool.
- ENA broke key moving averages with RSI at 74.68 and MACD turning positive, signaling short-term bullish momentum.
Ethena’s (ENA) trading activity spiked sharply after South Korea’s top exchange, Upbit, enabled trading in ENA/KRW, ENA/BTC, and ENA/USDT pairs. Trading went live on July 11 at 5:00 PM KST.
Ethena’s blockchain protocol operates with a delta-neutral mechanism and introduces USDe, a stablecoin backed by hedged BTC and ETH positions. The listing arrives during a key phase for the Korean crypto market, long regarded for its high liquidity and active participation.
Listing Momentum and Grayscale Recognition Drive
The Upbit listing helped drive ENA’s price up to $0.3535, gaining by 21.01% in 24 hours and 33.47% over the week. In the same window, 24-hour volume surged by 154.52% to $636 million. Market cap followed suit, rising by 20.45% to $2.23 billion.
Data from Santiment also shows a rise in user activity, with active addresses hitting 2,553, the highest count in recent weeks. Grayscale added ENA to its list of potential investment products on July 10, according to public disclosures.
This addition aligns ENA with names like Arbitrum and Aptos. Alongside institutional recognition, Ethena Labs also met with the SEC’s Crypto Task Force on July 1, discussing whether USDe should qualify as a payment tool rather than a security. Although no decision was finalized, the meeting signals movement toward regulatory transparency.
Technical Indicators Show Reversal Momentum
Following the exchange listing, ENA broke past its 7-day simple and exponential moving averages, at $0.271 and $0.281 respectively. A 153% volume jump supports this move. The 50-day moving average now is at $0.281, acting as short-term support.
Meanwhile, the 200-day average at $0.429 still trends lower, suggesting the broader trend is bearish. However, the relative strength index currently is at 74.68, hinting at possible exhaustion.
The MACD histogram flipped positive for the first time in two weeks, now reading +0.00717. Support has formed at $0.318, based on the 38.2% Fibonacci retracement, while $0.376 acts as near-term resistance.
On-Chain Metrics and Supply Dynamics
ENA’s total value locked is at $5.47 billion, with a market cap to TVL ratio of 0.4097. This low ratio suggests room for valuation expansion. Circulating supply now totals 6.35 billion ENA out of a 15 billion cap, while the total supply has slightly increased to 15.36 billion ENA.
Despite gradual inflation, growing demand could balance the pressure from supply expansion. Recent price action shows that ENA moved within a tight $0.25–$0.35 consolidation range for weeks before this breakout.
The convergence of strong volume and user activity confirms this was not purely speculative. Prior price drops from $1.05 to $0.25 earlier in 2025 formed a base, allowing current movements to show renewed interest.
Potential Prices
On the upside, ENA may climb toward $0.50–$0.60 in Q3 2025 if volume and address activity continue increasing. However, failure to hold above $0.28 could push prices back to $0.25 or even $0.22.
ENA’s recent surge is driven by key catalysts; Upbit’s listing, institutional exposure from Grayscale, and strategic regulatory discussions. Technical momentum shows strength, with volume and network activity rising.
However, overbought signals and gradual supply expansion require careful monitoring. The next move depends on ENA holding above support levels and continuing to draw ecosystem growth.
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