Ethena price is attracting renewed attention after holding near the $0.20 level while market participants assess whether the recent recovery can develop into a larger move. The discussion gained traction after BitMEX co-founder Arthur Hayes publicly pointed to $0.50 for ENA, while on-chain data showed his sizeable existing position.
Currently, Ethena (ENA) is hovering around $0.19, based on recent data available on the market, it is trading near $0.1945. Hayes purchased 25.33 million ENA worth $5.53 million, on average, he paid $0.09 per token. This trade brought him gains of approximately $3.28 million or 146%.
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Ethena Price Holds Near Key $0.20 Level
The current pricing structure has put the $0.20 zone at the heart of the short-term setup for ENA. CryptoPrime explained that the Ethena price is staying around this level and added that if it manages to make a clear breakout above the resistance level, there would be more upside potential.
But at the same time, the $0.20 zone must form a reliable support level for a strong continuation to materialize. If not, the ENA price might turn back to the lower levels of support instead. Volume and follow-through become critical as the token heads to the resistance zone.
The recent price action has shown just how rapidly the ENA trading has grown. According to CoinGecko historical prices, the Ethena price was last seen at $0.1683 on September 18 after it closed at $0.1546 on September 17.
Arthur Hayes Adds Attention With $0.50 Call
Hayes has brought his own twist to the debate over ENA by openly advocating for the coin to hit $0.50. It is a request that gains more weight given Hayes’ significant position in ENA.
As reported by Lookonchain, Hayes bought 25.33 million ENA just one month ago at an average price of around $0.09 per coin. This position was valued at around $5.53 million when the transaction took place, with the unrealized gains standing at $3.28 million.
The $0.50 level should be viewed as Hayes’ stated market view rather than a confirmed price target. The achievement of that target would mean a huge increase in the price of ENA from the current levels, which makes $0.20 resistance significant.
Ethena Buybacks Add Fundamental Context
Meanwhile, the price discussion comes alongside a significant development within the Ethena ecosystem. Ethena has agreed on a fee swap where 95% of protocol net income will be used for ENA buybacks and distribution among the token holders. The network also boasts a total value locked position of around $5.21 billion.
The mechanism of buybacks establishes the connection between the protocol net income and possible demand for ENA. But the extent and schedule of buybacks can depend on the real income generated by the protocol, which means that the mechanism does not provide any price guarantees.
The Ethena team has also been actively working on the growth of the stablecoin ecosystem. At the beginning of this month, USDe and sUSDe have become available on TRON and now can be bridged through Stargate Finance to Ethena’s ecosystem.
What ENA Needs for Further Recovery
For ENA’s technical structure to strengthen, the token needs to establish the $0.20 area as support after breaking above it. A sustained move through nearby resistance could shift attention toward higher price levels, including the $0.50 level cited by Hayes.
Conversely, rejection around $0.20 would leave the recent recovery vulnerable to a deeper pullback. The token’s ability to hold recent gains, maintain trading activity and respond to Ethena’s buyback program will remain important factors.
The key takeaway is that Ethena price now has both technical and fundamental developments driving attention. The $0.20 level remains a crucial near-term area, while Hayes’ $0.50 call provides a longer-range reference. Investors will need to watch price confirmation, protocol revenue and buyback activity rather than treating the call itself as a guaranteed outcome.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
