The Ethena price climbed roughly 12% to around $0.30 today, November 4, reversing a multi-week decline as traders reacted to a major catalyst: the launch of the 21Shares Ethena ETP (EENA) on European exchanges.
The move gives institutions a regulated avenue into Ethena crypto exposure, strengthening liquidity at a time when sentiment around synthetic dollar protocols has been mixed.
For ENA, this matters because ETP listings historically boost visibility and credibility. Chainlink (LINK), for example, recorded a double-digit surge after the GLINK ETF went live. Ethena ENA saw a similar reaction, with trading volume doubling to about $367 million following the announcement.
Ethena Labs’ USDe Adoption Accelerates
Apart from the EENA ETP launch, Ethena Labs highlighted a wide-scale expansion in November, which contributed to renewed confidence.
ENA went live on Robinhood, Hyperliquid, Uphold, and multiple DEXs, while the team rolled out a detailed Oracle Specifications Dashboard to improve transparency around collateral and risk monitoring.
Growth in the USDe stablecoin ecosystem has also become a central bullish argument. USDe now backs liquidity pools on platforms such as Reya, Nunchi, Pendle, Berachain, and Coinone, while Anchorage added USDe and USDtb to earn programs. Quarterly holder data shows that both USDe and USDtb adoption continue rising even during market stress, signaling durable demand.
Revenue metrics reinforce this trend: Ethena generated $26.9 million over the last 30 days, placing it fourth among stablecoin issuers by fee income.
Ethena Price Outlook: Key Support and Resistance Levels to Watch
The Ethena price now trades near $0.30 after reclaiming support around $0.27–$0.28, the level analysts such as Ali flagged as a potential springboard toward $0.50.
The daily technicals remain mixed, with the RSI near neutral and oscillators showing a slight sell bias. Moving averages also paint an indecisive picture, with shorter EMAs signaling potential upside momentum while longer EMAs lean bearish.
This combination suggests ENA is in a compression zone, with traders watching for confirmation rather than chasing direction.
In the short term, traders are watching two key levels. If ENA breaks above $0.33–$0.35, it could move toward $0.40 and potentially revisit the $0.47–$0.50 area mentioned above. But if the price falls below $0.27, the chart suggests a possible drop toward $0.23, where buyers previously stepped in.
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