Ethena’s ENA token rallied 5% on Tuesday following Kraken’s announcement of listing USDe stablecoin in US markets. The bounce interrupted five consecutive days of losses totaling over 20% since the Fed’s rate cut.
Ethena ENA $0.60 24h volatility: 1.5% Market cap: $4.15 B Vol. 24h: $399.54 M is a synthetic dollar protocol built on the Ethereum blockchain. Its native token ENA drew attention on Tuesday, Sept. 23, after staging a 5% intraday rally despite prevailing bearish sentiment across crypto markets.
Ethena (ENA) price rises 5% amid Kraken moves to list USDe stablecoin | Source: CoinMarketCap, Sept. 23
The bounce followed five consecutive days of losses, which saw ENA decline more than 20% since the Fed’s Sept. 18 rate cut triggered downturns in demand for USD-pegged assets. At press time, ENA had reclaimed the $0.61 level, rising 5%, despite a 32% decline in trading volume in the last 24 hours.
Market reports link the rebound to Kraken exchange teasing the listing of Ethena’s USD-pegged stablecoin, USDe, in US regulated markets. The exchange alerted its 1.7 million followers on X to USDe markets “coming soon” on Tuesday.
Coming soon on Kraken 👀
✔️ $USDe by @ethena_labs
Get ready ⤵️ https://t.co/9qbAx6jM1h pic.twitter.com/lSVg8mOgqA
— Kraken (@krakenfx) September 23, 2025
Further emphasizing institutional support, YZi Labs Investment (formerly Binance Labs) recently increased its stake in Ethena, reflecting enhanced shareholder confidence as the US regulatory stance toward stablecoins has softened in recent months.
Meanwhile, USDe’s market cap has risen to $14.4 billion at press time, capturing 4.5% of the $300 billion global stablecoin market, according to CoinMarketCap data. Kraken’s listing is expected to accelerate US adoption, potentially lifting USDe’s market share further in coming months.
ENA Price Forecast: Can $0.60 Rebound Halt the 5-Day Losing Run?
Ethena’s intraday rebound to $0.60 is placing it on course to halt a streak of five consecutive losing days. The Keltner Channels show ENA consolidating near the lower boundary at $0.58, with an initial sell wall to watch at the $0.68 level.
Beyond that level, the Parabolic SAR places the next resistance overhead at $0.74, reinforcing that market momentum remains dominantly bearish in the near term.
Ethena (ENA) Technical Price Analysis | Source: TradingView
While the MACD also remains in bearish territory, the histogram bars are narrowing, hinting at the possibility of a bullish crossover if momentum builds. If bulls hold out for a close above $0.60, it could set the stage for a push toward $0.69.
However, failure to defend $0.60 risks renewed selling toward the $0.55 support zone, where the lower Keltner band offers the next safety net.
For now, sentiment hinges on whether the Kraken listing catalyst attracts sustained buying pressure or speculative traders opt to book early profits as volumes decline further, in line with the broader crypto market dip.
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