The Ethena team has chosen Kraken Custody as a new custody provider of backing assets to solidify the structure around its synthetic dollar, USDe. The addition also onboards another regulated, institutional-grade member into Ethena’s network of partners, which already includes Copper, Ceffu, and Anchorage Digital Bank, further spreading custodial risk across various platforms.
By scaling its custody network, Ethena is able to facilitate security, transparency, and resilience in the continued adoption of USDe within both DeFi and centralized markets. Kraken Custody brings experience in compliant digital asset safekeeping to help further Ethena’s long-term strategy of meeting institutional standards while reinforcing confidence in how USDe’s reserves are managed.
Also Read: Ethena (ENA) Dex-Trade Listing Sparks Momentum With $0.505 in Sight
However, the crypto analyst, Captain Faibik, highlighted that Ethena seems to be reaching a key technical juncture as price action continues to contract within a long-standing falling wedge pattern, a structure largely considered by traders as a bullish reversal setup. Following weeks of supply-controlled downside pressure, the narrowing structure indicates that selling momentum is weakening and should set the stage for a potential upside breakout in the near term.
Source: X
At the time of writing, ENA is trading close to $0.234, indicating signs of stability as buyers gradually come in. A confirmed breakout above the wedge resistance could quickly change market sentiment for a recovery move. From a longer-term outlook, some analysts continue to point to the $0.780 value area, pending strong volume confirmation and sustained bullish follow-through.
Moreover, another crypto analyst, Nehal, revealed that ENA is getting another look from market participants as it is trading in a critical accumulation zone, with traders planning a diligent entry program. This arrangement shows three stop levels to help manage risk and plan entry. The support areas that are a target for the price to hit on the way down are $0.233, $0.214, and $0.195.
Source: X
On the upside, ENA has many levels of profit taking at $0.257 and $0.285, followed by higher resistance targets of $0.32, $0.37, and $0.44 in case momentum to the upside picks up. For long-term holders, extended HODL targets project at $0.60 and $0.80, representative of a bigger recovery from an enveloping trend. A strict stop-loss is placed at $0.1867 to level off further downside.
Also Read: Ethena (ENA) Price Outlook: ENA Builds a Base Near $0.23 as Analyst Eyes a Recovery Move
