Ethena price jumped 13.82% on Wednesday morning, pushing ENA back above $0.10 for the first time in weeks. This rally followed news that Coinbase Ventures bought Ethena tokens on the open market, marking its first direct investment. The deal also includes plans to bring Ethena’s synthetic dollar, USDe, into Coinbase’s ecosystem. While Bitcoin (BTC) fell 4.46% to below $67,000 today, ENA held steady.
Coinbase Ventures Buys ENA Before Joint Product Launch Next Week
Coinbase Ventures described the purchase as support for an important player in on-chain finance. Ethena said the two companies will now work together to expand on-chain finance and savings products for more than 100 million users.
Founder Guy Young confirmed the integration will launch next week, marking Ethena’s first entry into this user base, with a target date of June 9 to 10, 2026. USDe, the synthetic dollar introduced in early 2024 and backed by dollar assets and delta-hedged perpetual futures, is central to the deal. Coinbase also highlighted a closer connection that will include Circle’s USDC.
Young connected the potential benefits to the stalled Clarity Act, which would decide if platforms can pay users for holding stablecoins, a move the banking lobby has opposed. However, this promise comes as USDe has lost market cap and seen outflows since late last year. Ethena’s backers include Maelstrom, Dragonfly, Brevan Howard, Franklin Templeton, and YZi Labs, which is linked to Binance’s Changpeng Zhao and increased its stake last September.
Investors reacted quickly to the news. Ethena coin came fourth among large-cap gainers, with spot trading volume surging 260.47% to about $350 million, derivatives volume increasing 251.17% to $938.99 million, and open interest rising 38.52% to $226.18 million.
Ethena Price Reclaims Short-Term Averages After Breaking the Channel Top
On the 4-hour chart, Ethena price surged about 14% from the bottom of a multi-week descending channel, closing near 0.1003 after weeks of decline, repeated support tests, and tight trading at the lows. This breakout is more significant because it started from the lower third of the channel, which is usually more reliable than a move from the top.
A strong price move like this usually happens for one of two reasons: either buyers have been accumulating and finally step in, or a major event forces the market to reprice. In this case, Coinbase Ventures’ purchase caused the repricing.
The ENA price moved back above the 9-period simple moving average at 0.0900 and turned the short-term 10- and 20-period averages bullish. However, the longer-term 30-, 50-, 100-, and 200-period averages are still bearish.
This suggests that momentum has shifted before the overall trend, which is how major reversals usually begin. Short-term indicators improve first, then buyers target the longer-term averages. The RSI at 65.08 supports this change without showing overbought conditions.
In the short term, the most likely outcome is that Ethena price will consolidate above the breakout area, forming a flag or a tight range rather than collapsing, before buyers challenge the 30–50 moving average cluster above. A less likely scenario is a fakeout, where the price falls back into the channel, the breakout is just a liquidity grab, and the bullish outlook fades quickly.
Right now, the breakout looks strong enough that a fakeout is unlikely. In the near term, the outlook is bullish, and over the next one to two weeks, the trend is likely to continue unless ENA falls below the trendline. For the medium term, the view remains neutral to bullish, since the larger moving averages and a 69.17% one-year drop still show a broader downtrend.
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