Ethena Price Prediction – Why Ethena Could Test $2 Today

Ethena continues its strong bullish momentum that it displayed on April 8. Over the last 24 hours, Ethena climbed by 14%, bringing its weekly gains up to 102%. This makes Ethena one of the best digital currencies to hold as the Bitcoin halving draws closer.  

Strategically Significant Partnership Announced 

The price explosion followed a string of announcements from the Ethena team, which indicated significant changes were coming to their ecosystem. The most important announcement is their partnership with FRAX. FRAX, known for their DeFi work, caught the attention of Ethena, who said they’re excited about future collaborations. Their goal is to foster growth within the on-chain dollar economy.

Another exciting announcement mentions FRAX’s approval of the singularity roadmap proposal, which gives us a glimpse into what else we can expect from this collaboration.

Excited to share the approval of FRAX’s singularity roadmap proposal, which includes an allocation towards a USDeFRAX POL via the Curve AMO with a $250m USDe ceiling pic.twitter.com/eM9T4Cjm22

— Ethena Labs (@ethena_labs) April 8, 2024

As part of this approval, $250 million USDe has been allocated for a USDeFRAX pool via Curve Automated Market Maker Order (AMO). This means that FRAX and Ethena are committed to advancing DeFi and guaranteeing explosive growth in synthetic dollars.

Whales Are Buying And Staking Ethena

Besides news of a new partnership, Ethena has caught the eye of big-money investors. This is evident in the transaction activity around Ethena in the last 24 hours. Today, two whales have taken out 8.592 million ENA tokens from Binance, which total roughly $11.83 million and have started staking them with Ethena Labs. 

This pattern continues a trend that started yesterday when five whales took out 17.04 million ENA tokens worth roughly $22.77 million from Binance and started staking them. This interest from whales justifies confidence in Ethena’s long-term viability and proves that this project has the potential to change decentralized finance.

For those unaware, Ethena is a synthetic dollar protocol created on the Ethereum blockchain with ambitions to reimagine digital money by providing a bank-free crypto-native alternative. Their technology aims to offer users access to a globally accessible dollar-denominated savings instrument called an ‘Internet Bond,’ which grants financial services to everyone.

The Community Is Growing

As Ethena gains more attention from the cryptocurrency community, its recent rally proves what they can change about banking and what we think about money. With momentum on its side, a strong partnerships list, and plenty of supporters in their corner, Ethena will solidify its position as a transformative force that could redesign digital finance forever.

Ethena Is Available On Top Tier Exchanges

The best part is that Ethena is available on most top exchanges. This is a plus because as Ethena becomes more visible thanks to its strong price performance, retail money has an easy avenue to buy into it, and it helps add to the bullish momentum. Ethena is listed among the top cryptocurrency exchanges, such as Binance, KuCoin, and ByBit. 

In the section below, we do an Ethena price prediction to determine whether it can continue the strong momentum it has built up so far. 

Ethena Crypto Price Prediction 

Ethena is trading at $1.26, up by 13% when going to press. Trading volumes were rising by 88% to stand at $1.556 billion. 

After a sustained price rally over the last 24 hours, Ethena is in a slight correction, like the rest of the market. On the 1-hour chart, Ethena is trending towards the $1.241 support level. 

The support could hold if buying volumes around $1.241 are high enough. Ethena could bounce back or enter a consolidation period in such a scenario. If bullish momentum is strong enough, the critical level to watch would be $1.405, a crucial resistance level in the day. If $1.405 is broken, Ethena could test $2 daily. 

However, if the $1.241 support holds but bulls lack momentum for another upside break, Ethena could consolidate between $1.241 and $1.405 through the day. 

On the other hand, if bears can push Ethena through the $1.241 support, then prices below $1 could be hit in the day. 

The Case For $2 Ethena

While Ethena could consolidate or turn bearish today, the odds are higher that yesterday’s price momentum will continue. Ethena’s fundamentals are getting stronger, especially with the partnerships, with the upcoming Bitcoin halving supporting the broader market, the odds of an Ethena breakout to $2 today or within the week are high.