You Won’t Believe How Ethena’s Price Defied Crypto Gloom! 📈🐦

by

It is a truth universally acknowledged, that a cryptocurrency in possession of a slight rally must be in want of… well, some devout attention. Ethena, the synthetic dollar protocol nestled most conveniently upon the Ethereum blockchain, has lately caused quite the stir amongst those disposed to the curious affairs of tokens. Its native badge, ENA, took a rather unexpected hop-some 5%-upon the day of Tuesday, the twenty-third of September, despite the general air of bearish gloom pervading the vast and turbulent markets of crypto.

Ethena (ENA) price ascends 5% whilst Kraken coyly hints at USDe stablecoin debut | Source: CoinMarketCap, Sept. 23

Such a rebound follows a rather melancholic procession of five consecutive days of losses – a dreary decline exceeding twenty percent since the Federal Reserve’s rather untimely decision on the eighteenth of September, which set the markets aflutter and drained much enthusiasm from USD-pegged assets. At the time of penning this report, ENA had gallantly reclaimed a level of sixty-one cents, marking that 5% ascent in price even as trading volume dramatically contracted by 32% within the last twenty-four hours. Ah, the paradoxes of fashion!

The whispers in high society (or at least among the more vocal market commentators) ascribe this spirited revival to the Kraken exchange’s artful teasing of Ethena’s USD-pegged stablecoin, charmingly named USDe, destined for US regulated markets. The exchange, with a flourish worthy of a Jane Austen ball announcement, proclaimed to its 1.7 million admirers on that modern contrivance called X “USDe markets coming soon.” One might imagine the excitement akin to awaiting the arrival of a particularly eligible suitor.

Coming soon on Kraken 👀

✔️ $USDe by @ethena_labs

Get ready ⤵️

– Kraken (@krakenfx) September 23, 2025

In a further demonstration of confidence fit for a lady’s sense of propriety, YZi Labs Investment (a former ward of Binance Labs) has recently augmented its stake in Ethena. This gentlemanly increase reflects a renewed air of shareholder conviction, especially as the US regulatory gentry appear to have softened their stance on stablecoins, much like a stern matron relenting to the charms of a particularly persistent young lady.

Meanwhile, USDe’s market cap swells with considerable elegance to a princely sum of $14.4 billion, capturing a modest yet respectable 4.5% of the grand $300 billion global stablecoin ball, as reported by the ever-observant CoinMarketCap. Kraken’s listing promises to quicken the pace of American adoption, potentially setting USDe’s market share to rise like the crescendo of a well-played symphony in the coming months.

ENA Price Forecast: Shall the 60 Cent Mark Prove a Suitable Chaperone to Halt the 5-Day Losing Minuet?

Ethena’s recent flirtation with a sixty-cent rebound positions it most fittingly to arrest the rather unsightly five-day losing run. The Keltner Channels, that most reliable of chaperones, show ENA lingering near the lower boundary of fifty-eight cents, while a resolute sell wall awaits at the sixty-eight cent mark, as though a stern but fair governess surveying the young ladies at the dance.

Beyond that threshold, the Parabolic SAR, ever the watchful guardian of market momentum, signals a resistance at seventy-four cents, confirming that the general sentiment remains as bearish as a disappointed suitor being denied a dance.

Ethena (ENA) Technical Price Analysis | Source: TradingView

While the MACD remains ensconced in bearish quarters, one cannot help but notice the histogram bars narrowing with the hopeful suspicion of a bullish crossover should momentum deign to improve. Should the bulls muster courage sufficient to close above sixty cents, it may yet fashion a stage worthy of a hopeful advance toward sixty-nine cents-though one must be cautious not to appear too eager.

Failing to defend the sixty-cent threshold, however, risks a renewed descent toward the fifty-five cent support sanctuary, where the lower Keltner band stands ready, like a benevolent aunt, to catch the hapless token before it falls too far.

For the present, all depends upon whether the Kraken listing can inspire a sustained buying fervour, or if speculative adventurers shall prefer to seize their early profits-quite reminiscent of a ball where the dancers abscond as soon as the punch runs dry-in harmony with the overarching market’s malaise.

Read More

2025-09-24 02:12