Ethena (ENA) has shown remarkable strength in the last 24 hours, rising 9.02% along with a 21.02% increase over the past week. The token is trading at $0.8427, backed by a sharp increase in trading activity. Its 24-hour volume reached $1.33 billion, up 103.79%, while the market capitalization now stands at $5.8 billion.
Investor interest in the token is further reinforced by Arthur Hayes, co-founder of BitMEX, who expanded his position significantly. Over the past eight hours, Hayes invested 1.02 million USDC to acquire 1.34 million tokens.
His total holdings have climbed to 4.45 million tokens, worth about $3.48 million. His consistent accumulation reflects a strong conviction in the project’s potential despite market uncertainty. It has also fueled optimism among traders following his moves closely.
Also Read: Ethena Price Prediction 2025: Analysts Eye $1.64 Amid Bullish Momentum
Adding to ENA’s positive momentum, Binance has listed Ethena USDe (USDE) with new spot trading pairs, including USDE/USDC and USDE/USDT. The exchange opened deposits immediately, while withdrawals will follow. The listing fee was set at zero.
Ethena USDe is already recognized as the third-largest USD-denominated crypto asset, backed by reserves in BTC, ETH, and stablecoins. Its circulating supply exceeds $12 billion, while the protocol manages more than $14 billion in total value locked (TVL).
Binance also offers an eligible USDE holder’s reward system that is being paid out in the form of one-time and weekly portions. However, trading is prohibited in some areas, such as the EU, Canada, the United States of America, Australia, and many more.
Technically, the token registered a clear breakout above the resistance zone of $0.75–$0.78, which is serving as a strong support at the moment. The bullish candle that broke through this level is an indication of strong buying demand and a shift in market structure. The immediate resistance levels are in the region of $0.95–$1.00, while the far-off upside targets may go up to $1.25 and $1.60 if the momentum holds.
According to crypto analyst Rand, the market structure became purely bullish with the development of higher lows and higher highs from the mid-July time frame. If the token is kept above the $0.75 mark, the outlook is favorable. Investors and traders are watching this region of support closely as they decide if this current upsurge can be continued towards new highs.
Also Read: Ethena Jumps 40% in a Week as Total Value Locked Soars Past $10.50 Billion
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