- On April 9, Ethena (ENA) price witnessed a spike of around 5% with a market capitalization of $794 million, helping its value to increase to $0.092.
- The upward momentum in cryptocurrency came after Bitcoin (BTC) reclaimed the $72,000 mark following bullish sentiment in the crypto market.
- Ethena is rapidly reducing its heavy dependence on crypto perpetual futures, which used to make up most of the backing for the stablecoin.
On Thursday, Ethena (ENA) price experienced a spike of around 5% following the positive sentiment in the crypto market, in which Bitcoin (BTC) managed to reclaim the $72,000 mark.
At the time of writing, the ENA price is currently revolving around $0.091 with a jump of 5.05%, according to CoinMarketCap. The cryptocurrency holds a market capitalization of around $794 million along with a daily trading volume of $103 million.
Ethena Price Movement Gives Mixed Signals: Rebound or Correction?
In the last 1 month, ENA has not seen any major price movement. It has dropped by around 12% on a monthly chart.
However, a prediction on the Polymarket is suggesting that ENA has around 44% chance of crossing $0.20 in April. The cryptocurrency market is slowly entering a bullish zone at this level. However, it still needs confirmation with major price swings in the leading cryptocurrencies like Bitcoin.
(Source: TradingView)
If the crypto market gains an upward momentum, investors might start placing their trades in crypto again.
At present, the current price movement in Ethena has outperformed the overall crypto market’s small upside. Although the rally is mainly sparked by the bullish sentiment in the crypto market, rather than by any major developments or technical patterns in the cryptocurrency.
Despite the small spike on the daily chart, the drop of 25% on daily trading volume is suggesting weak conviction among buyers. This is one of the major signs that the rally may fail to sustain without any major highs.
Right now, the cryptocurrency is holding a strong support at around $0.088. This is a perfect spot that keeps the door open for a retest of resistance in the range of $0.095 to $0.10.
However, if the cryptocurrency fails to resist downward pressure and declines its value below $0.088. In the worst-case scenario, the cryptocurrency might also see a drop below $0.085.
The price movement in the overall crypto market will be a major catalyst for Ethena in the upcoming days.
There is a euphoria in the crypto market with positive sentiment right now after United States President Donald Trump declared a two-week ceasefire with Iran on April 7. This news has reduced fears of a bigger conflict in the Middle East and given relief to crypto investors. After this announcement, traders have returned to accumulate more digital assets after anticipating a drop in risks again after a long period of consolidation.
On this excitement, Bitcoin (BTC) price quickly spiked by around 5% and surpassed a mark of $72,000. This is the highest in the last three weeks. The total crypto market capitalization is around $120 million in just a few hours. Along with this, other cryptocurrencies like Ethereum also rose impressively.
On April 2, Ethena released 40.63 million ENA tokens in a pre-planned token unlocking event on April 2, the cumulative worth is around $3.64 million. These tokens were released to the Ethena Foundation and only represent 0.52% of the total circulating supply. While this supply is not big, it has created low selling pressure and created short-term volatility in the ENA price.
USDe reserves are evolving: reducing concentration and building resilience across market cycles with a diversified collateral base.
Four additions to the collateral backing are detailed below for consideration by the risk committee, each a natural extension of existing Ethena… pic.twitter.com/66r3HElsGC
— Ethena (@ethena) April 6, 2026
Ethena is constantly working on how its USDe stablecoin reserves to make the network more stable. To do that, the protocol is rapidly reducing its large dependence on crypto perpetual futures, which used to make up most of the backing for the stablecoin. This dependency has now been cut down to around 11%.
On April 6, Ethena finalized direct lending deals with major institutions, including Anchorage Digital, Maple Institutional, and Coinbase Asset Management. These deals will allow it to lend stablecoins from USDe reserves for overcollateralized loans.
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