Key Takeaways
Ethena’s ENA token debuted on the market on April 2, 2024, and has spent much of the time since then in the top 100 cryptos.
The synthetic dollar protocol has been on the upturn after falling to an all-time low in September. October’s announcement of a proposal to add Solana to its reserves saw a further rise.
On Oct. 14, 2024, ENA was worth about $0.3885.
Let’s take a look at our own Ethena price predictions. We’ll also examine the Ethena price history and talk a little about what Ethena is and what it does.
Let’s examine some of the Ethena price predictions CCN made on Oct. 14, 2024. It is crucial to remember that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
Minimum ENA Price Prediction | Average ENA Price Prediction | Maximum ENA Price Prediction | |
---|---|---|---|
2024 | $0.25 | $0.55 | $0.70 |
2025 | $0.40 | $0.85 | $1.50 |
2030 | $0.80 | $2.50 | $5 |
If the five-wave bull structure develops as expected, ENA could target a maximum of $0.70 by completing the final wave. However, corrections along the way may bring it back to $0.25 during market downturns. The average price of $0.55 reflects the possibility of consolidation between these phases.
Assuming a sustained bull cycle, ENA could test its previous all-time high of $1.50 by the end of 2025, especially if bullish trends persist across the broader market. The minimum value might not dip below $0.40 as the project gains traction. The average price is projected at $0.85, reflecting a stable upward trend with occasional pullbacks.
If ENA continues to develop with strong fundamentals and the overall crypto market grows, it could reach a high of $5.00 by 2030. However, market volatility could dip to $0.80 during corrections. An average of $2.50 reflects long-term growth potential driven by adoption and market cycles.
ENA entered a bearish cycle following its all-time high of $1.50 on April 10. It steadily declined within a descending channel to a low of $0.1953 on Sept. 6, a drop of nearly 90 %. This decline appears to have formed a WXYXZ corrective pattern with a clear five-wave structure.
After bottoming on Sept. 6, ENA consolidated until Sept. 17, when it surged above descending resistance, marking the start of a potential bull phase.
On Sept. 30, it reached $0.42, a 102% gain from the previous low. The subsequent correction found support at a higher low of $0.25 on Oct. 10, further confirming bullish momentum.
On Oct. 14, ENA returned to its September high, and a breakout above this level would provide the strongest confirmation of the new bull phase.
Technical indicators, such as the RSI and MACD, align with this bullish outlook, suggesting further upside potential.
On the hourly chart, the rally from Sept. 6, followed by the higher low on Oct. 10, likely represents the first two sub-waves of a new five-wave impulse.
If this wave count holds, ENA is currently developing its third wave, which is expected to exceed the previous high. Using the Fibonacci extension tool, the next target is set at $0.62, aligning with the 1.618 extension level.
Once wave three completes, a sideways correction in wave four is likely before a final surge in wave five, targeting $0.70. If the five-wave structure unfolds as expected, it will strongly validate the start of a new bull phase for ENA.
The Ethena price prediction for the next 24 hours depends on whether or not that happens.
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.
Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.
On Oct. 14, 2024, ENA’s ATR was 0.0181, suggesting relatively low volatility.
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish. On Oct. 14, 2024, the Ethena RSI was 75, indicating overbought conditions.
Current Price | One Month Ago | Price Change | |
---|---|---|---|
Ethena | $0.3885 | $0.2266 | +71.4% |
Ondo | $0.741 | $0.6562 | +12.9% |
Manta Network | $0.81 | $0.7138 | +11.9% |
Wormhole | $0.3185 | $0.2115 | +50.5 |
Let’s now take a look at some of the key dates in the Ethena price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an Ethena price prediction
Time period | Ethena price |
---|---|
Last week (Oct. 7, 2024) | $0.3127 |
Last month (Sept. 14, 2024) | $0.2266 |
Three months ago (July 14, 2024) | $0.4037 |
Launch price (April 3, 2024) | $0.7838 |
All-time high (April 11, 2024) | $1.52 |
All-time low (Sept. 6, 2024) | $0.1953 |
The market capitalization, or market cap, is the sum of the total number of BTC in circulation multiplied by its price. On Oct. 14, 2024, Ethena’s market cap was $1.07 billion, making it the 67th-largest crypto by that metric.
On Oct. 14, 2024, one wallet held more than 20% of the supply of Ethena.
As of Oct. 14, 2024, the five wallets with the most Ethena were
Supply and Distribution | Figures |
---|---|
Total supply | 15,000,000,000 |
Circulating supply (as of Oct. 14 2024) | 2,746,875,000 (18.31% of total supply) |
Holder distribution | Top 10 holders owned 89.33% of the total supply as of Oct. 14, 2024. |
In its technical documentation, or whitepaper , Ethena says it is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated instrument—the ‘Internet Bond’.
Ethena’s synthetic dollar, USDe, provides a crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully backed (subject to the discussion in the Risks section regarding events potentially resulting in loss of backing) and free to compose throughout CeFi and DeFi.
Ethena (ENA) is a synthetic dollar protocol developed on the Ethereum blockchain, offering a new breed of stablecoin called USDe. Unlike traditional stablecoins like USDC or USDT, USDe is not pegged to fiat currencies. Instead, it is a synthetic dollar collateralized with crypto assets and short futures positions. This unique approach enables Ethena to provide a censorship-resistant, scalable, and stable form of digital money.
At the core of Ethena lies the USDe token, a synthetic dollar that is fully backed, transparently on-chain, and free to use in DeFi. USDe’s stability is ensured through a mechanism known as delta hedging, which involves offsetting the price change risk of the collateral assets with corresponding short futures positions.
It is hard to say. The coin has been around briefly, and there is no clear bullish or bearish sign on the horizon.
As always with crypto, you should do your own research before deciding whether or not to invest in Ethena.
No one can really tell right now. While the Ethena crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can and do go down and up.
Before you decide whether or not to invest in Ethena, you will have to do your own research, not only on ENA but on other related coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you must also ensure you never invest more money than you can afford to lose.
Technical analysis by Nikola Lazic.
According to price predictions based on technical analysis, it won’t reach a double-figure level within this decade.
Ethena (ENA) is a synthetic dollar protocol developed on the Ethereum blockchain, offering a new breed of stablecoin called USDe. Unlike traditional stablecoins like USDC or USDT, USDe is not pegged to fiat currencies. Instead, it is a synthetic dollar collateralized with crypto assets and short futures positions. This unique approach enables Ethena to provide a censorship-resistant, scalable, and stable form of digital money.