Should You Buy Ethena in 2025?

Why trust HelloSafe?

At HelloSafe, our expert has been tracking the evolution of the Ethena cryptocurrency for over three years. Each month, hundreds of thousands of users in Australia trust us to analyse market trends and identify the best investment opportunities. Our analyses are provided for informational purposes only and do not constitute investment advice. In line with our ethical charter, HelloSafe has never purchased Ethena or received any compensation from entities associated with its ecosystem.

Ethena in brief

How much does 1 Ethena cost?

The price of Ethena is on the move this week. As of today, one ENA is trading around A$0.45, showing a 24-hour change between -5.5% and +8.8%, and continued strong volatility over the week.

Ethena’s market cap now stands near A$2.98 billion, with an average daily trading volume of A$264 million over the past three months. Ranked approximately 65th among cryptos by market cap, ENA has around 6.09 billion tokens circulating, currently representing about 0.15% of the total crypto market.

Given the ongoing price swings and strong protocol fundamentals, Ethena remains a token to watch closely for opportunity and risk alike.

Our full review of the crypto Ethena

Have recent market swings in Ethena (ENA) created a unique inflection point within DeFi? Drawing on three years of token evolution and the latest cross-ecosystem shifts, our proprietary models aggregate on-chain activity, technical momentum, and competitive intelligence for a holistic outlook. So, why might Ethena represent a strategic re-entry to the decentralised synthetic dollar ecosystem as early as 2025?

Recent Performance and Market Environment

Price Dynamics and Volatility

Ethena (ENA) has experienced pronounced price movements since its 2024 launch, with its current valuation between $0.30–$0.33 USD as of June 2025—a remarkable retracement of over 70% from its late-2024 high near $1.31. Such significant drawdowns, though challenging for momentum traders, often reset technical and valuation bases, creating conditions for longer-term opportunity. Notably, daily trading volumes remain robust ($176–$286 million USD), indicating durable market interest and ample liquidity even through correction phases.

The past week underscores high volatility, but there is evidence of emerging support: ENA has successfully defended the $0.37 level, a zone watched closely by quantitative traders as a potential springboard. In addition, heavy technical selling has begun to fade, while network adoption persists, suggesting the bottoming process may be well underway.

Positive Sector Tailwinds

Despite temporary price weakness, Ethena operates within a decentralised finance sector that is experiencing a resurgence. Synthetic stablecoins are gaining market share, notably as trusted players decouple from legacy finance risks. Ethena’s protocol has achieved a market cap of nearly $6B USD for USDe and over $6B locked in yield-bearing protocols, making it one of DeFi’s most institutionally recognised on-chain dollars.

Strategic announcements—including integration with Telegram’s TON ecosystem and new product launches catering to regulated finance—further widen the protocol’s addressable market and reinforce faith in its long-term scalability.

Macro and Competitive Landscape

On the macro front, growing demand for decentralised yield and borderless synthetic dollars continues to drive value across the broader DeFi universe, especially as traditional banking headwinds and inflationary scenarios in major fiat currencies increase the appeal of alternatives. Ethena’s resilience amid regulatory scrutiny (particularly in the EU) illustrates both a proactive compliance posture and a robust community that continues to build, despite headwinds.

Technical Analysis

Key Crypto Indicators

• RSI (14-day): Oscillating between 42.8 and 50.3, ENA presents a neutral-to-oversold profile—fertile ground for speculative and value-based entries, especially when accompanied by improving on-chain sentiment.
• MACD: While readings are mixed, the fading of bearish momentum coupled with developing bullish divergence suggests readiness for a price reversal if fundamental catalysts emerge.

Moving Averages & Support Structures

• 20-Day MA: ENA price is consolidating just above this moving average, indicating short-term accumulation.
• 50-Day MA & 200-Day EMA: These longer-term signals suggest overhead resistance ($0.42–$0.45), but a breach would instantly shift sentiment to the positive.
• Key Supports to Watch: Primary accumulation zone at $0.34–$0.37; should price hold here amid rising volumes, it would signal renewed investor confidence. A secondary pivot exists at $0.28–$0.29, offering potential downside protection for tactical buyers.

Structural Setups

Momentum remains muted in the immediate term, yet the confluence of defended supports, waning selling pressure, and improving on-chain flows are classic ingredients preceding short- and medium-term uptrends within DeFi assets. Patterns in historical volume and price action point to a market bracing for volatility expansion as macro and project-specific news flow intensifies.

Fundamental Analysis

Adoption, Partnership, Ecosystem Traction

• User and Protocol Adoption: USDe—Ethena’s synthetic stablecoin—now boasts a market cap approaching $6B USD and has become a top performer in DeFi protocol TVL rankings. The multi-layered staking model, exemplified by over $6B staked in sUSDe, cements ENA's relevance as both a utility and governance asset.
• Strategic Partnerships: With high-profile collaborations, including the TON Foundation (expanding reach to the vast Telegram ecosystem), Coinbase Prime (fostering custodial trust for institutions), and OnRe (innovative yield products), Ethena demonstrates institutional and platform-level validation that few DeFi upstarts achieve at this early stage.

Relative Valuation

• Market Cap and FDV: Trading at a $1.84–$2B market cap with upside implied by a $0.39 target price (vs. current $0.30), ENA’s valuation is attractive compared to other DeFi governance tokens reflecting similar protocol adoption rates.
• TVL Leadership: Ethena stands out as a top-5 DeFi protocol by TVL, giving it significant visibility to both retail and institutional allocators hunting for stablecoin yield and governance upside.

Structural Strengths

• Technological Edge: As a pioneer in delta-neutral synthetic dollar mechanisms, Ethena minimises reliance on risky oracles or off-chain assets, enhancing its resilience to black swan events.
• Community and Governance: An active governance structure grants ENA holders a real stake in convention outcomes, with decisions shaped by decentralised voting rather than opaque committees.
• Innovation Cycle: Pipeline developments, such as regulated iUSDe instruments and Layer 2 expansion, expand use cases and institutional demand.

Volume and Liquidity

• Sustained Volume: Persistent daily volumes over $170M, even in sideways or bearish markets, demonstrate robust trader and investor engagement—a key requirement for both entry/exit flexibility and for supporting further price appreciation on renewed demand.
• Dominance in Category: ENA’s positioning among the leading DeFi tokens by liquidity and TVL minimises slippage and pattern susceptibility to manipulation, advantages keenly watched by hedged and institutional crypto funds.

Catalysts and Growth Prospects

• Major Integrations & Product Launches: TON/Telegram deployment and iUSDe for regulated financial channels could expand addressable users exponentially.
• Favourable Regulation & Institutional Forays: While European scrutiny has raised near-term uncertainty, successful navigation and expansion into compliant jurisdictions could trigger inflows from conservative investors once clarity arrives.
• Broadening of DeFi/NFT Usages: Ethena’s adaptability to cross-chain protocols and its role as a censorship-resistant yield vehicle continue to open new DeFi frontiers.

Investment Strategies by Time Horizon

Short-Term (Swing/Opportunistic)

• Recent successful defence of $0.37 support, combined with oversold technicals, creates a tactical window for short-term entries targeting rebounds to resistance ($0.42–$0.45).
• Momentum traders may see potential in accumulating during consolidation phases, especially ahead of any protocol updates or ecosystem announcements.

Medium-Term (Position/Rotation)

• For investors seeking asymmetric risk/reward, the next major protocol upgrades—particularly Layer 2 or iUSDe deployments—typically precede volatility and flows into governance tokens.
• Positioning on technical dips or after sharp retracements often maximises upside participation as bullish momentum returns with news catalysts.

Long-Term (Strategic Allocation)

• Ethena’s foundational strength in synthetic dollar infrastructure, established partnerships, and leading DeFi TVL establish it as a credible candidate for longer-term crypto asset allocation.
• Long-term holders benefit from protocol evolution: successful regulatory adaptation, incremental adoption, and integration into global DeFi/NFT ecosystems.

Ethena Price Projections

Is This the Right Time to Consider Ethena?

Ethena currently combines compelling on-chain metrics, deepening protocol utility, and high-volume liquidity—despite short-term regulatory noise—placing it in a select group of DeFi assets with both valuation appeal and upside catalysts. Its structural advantages, dominant TVL, and innovative approach to synthetic dollars present a rare intersection of risk management and capital appreciation potential in the evolving digital asset landscape.

Key strengths include:

• Leadership in synthetic stablecoin protocol adoption and market cap.
• Strong institutional and platform partnerships spanning Web2, Web3, and regulated finance.
• Resilient technical structure with defended supports and catalyst-rich pipeline.
• Sustained trading volumes guaranteeing liquidity for a range of investment horizons.
• Active innovation cycle, with regulatory navigation opening future inflow opportunities.

In summary: With a valuation reset, emerging bullish technical structure, and unmatched ecosystem growth drivers, Ethena seems to offer an excellent opportunity for investors seeking the next phase of DeFi expansion. A selective approach, anchored in risk discipline, can unlock compelling upside as sector and protocol catalysts unfold. The projected return profile in our scenario analysis underlines the potential for dynamic gain—making Ethena especially worth considering for forward-thinking investors within the synthetic dollar and decentralised finance sectors.

Ethena remains a high-volatility asset that offers dynamic investment opportunities, yet demands rigorous risk management. The recent price resets highlight ENA’s capacity for sharp trend shifts, underscoring the need for selectivity. The next major protocol update—expected in Q2 2025—could prove an inflection point in Ethena’s growth story, and investors would do well to monitor $0.34 as the immediate support and $0.42 as the technical threshold for a new bullish cycle.

How to buy Ethena?

It’s easier and more secure than ever to buy the Ethena (ENA) cryptocurrency online in Australia through regulated platforms. Investors can typically choose between two main methods: direct spot purchase (owning the tokens in a wallet) or trading via crypto CFDs, which allows you to speculate on ENA’s price without owning the underlying asset. Each approach has its pros and cons, particularly around fees, risk, and market exposure. See below for a detailed breakdown of each method and, further down the page, a comparison of the main Australian platforms available.

Spot Purchase

Buying Ethena “on the spot” means you acquire and directly own ENA tokens, stored safely in your account or designated crypto wallet. Most exchanges charge a flat commission per transaction, often around AUD 5–10 depending on provider and transaction size.

Practical example

Suppose ENA is trading at AUD 0.45 per coin (based on the current USD/AUD rates and a $0.30 USD market price). With an investment of AUD 1,000, minus a typical AUD 5 fee, you can purchase about 2,211 ENA tokens.
If ENA’s price rises by 10%, your holdings are now worth AUD 1,100.
Result: a gross gain of AUD 100, or +10% on your initial AUD 1,000 investment.

Trading via CFD

CFDs (Contracts for Difference) let you trade ENA’s price movements without actually owning any tokens. This is popular for short-term strategies and for using leverage. CFD brokers typically charge a spread (the difference between buy and sell price) and may add overnight financing fees if you keep positions open beyond a day.

Practical example

With AUD 1,000 and 5x leverage, you can take a CFD position equal to AUD 5,000 on ENA. Suppose ENA’s price climbs by 8%. The leveraged gain would be 8% × 5 = 40%.
Result: you could earn AUD 400 profit on an initial AUD 1,000 (excluding fees and possible overnight charges).

Final Advice

Before you invest, be sure to compare the costs, features, and risk levels across different Australian crypto platforms. Your best approach will depend on your investment goals and experience—spot purchasing suits those seeking long-term ownership, while CFDs may appeal to traders comfortable with short-term risk and leverage strategies. For a detailed comparison of top platforms, see the table further down this page.

Our 7 tips for buying Ethena

The latest news from Ethena

Ethena’s ENA token is now actively available to Australian investors via top exchanges including Binance and Coinbase. In the past week, ENA has maintained strong accessibility on major global trading platforms that are also widely used in Australia, facilitating high liquidity and easy entry for local market participants. This positioning ensures that Australian investors can benefit from ENA trading and staking opportunities without regulatory impediments in their jurisdiction. With staking services and yield-generating products like sUSDe available through these exchanges, domestic users are able to participate in DeFi yield strategies that increasingly appeal within the APAC crypto community.

Despite regulatory obstacles in Europe, Ethena remains fully accessible and compliant within the Australian market environment. While Ethena faced regulatory pushback in the EU due to BaFin’s recent prohibition concerning the USDe stablecoin, these constraints have not been echoed in Australia. The country’s regulatory stance towards DeFi and synthetic assets continues to be pragmatic, and Ethena’s ERC-20 structure allows ongoing trading and use of ENA and USDe locally. This regulatory clarity provides Australian users with confidence and distinguishes the domestic landscape compared to current European market uncertainty.

Recent price action saw ENA defending key support levels and exhibiting signs of bullish momentum recovery. Following significant volatility in the broader crypto sector, ENA reliably held support at the US$0.37 mark and has emerged with technical signals—such as a neutral-to-oversold RSI and a potential MACD bullish crossover—that point towards a possible positive retracement. Analysts currently target a price upside towards US$0.39 (+30% from lows), enhancing its appeal for traders in Australia monitoring short-term technical strength relative to other volatile DeFi assets.

Institutional adoption and DeFi innovation are powering Ethena’s global—and by extension local—growth prospects. Strategic partnerships with entities such as Coinbase Prime and the launch of USDe on the Telegram ecosystem (in collaboration with the TON Foundation) underline solid, institutional-grade expansion. These initiatives are directly relevant for Australia, where institutional DeFi adoption and cross-chain solutions are strategic growth themes receiving increased focus, especially among financial services professionals, fintechs, and family offices.

Ethena’s total staked value and synthetic stablecoin market cap continue to climb, supporting long-term ecosystem health and local confidence. The platform now boasts over US$6 billion locked in its sUSDe yield-bearing protocols and a synthetic USDe market cap nearing US$5.9 billion. For both Australian retail and professional investors, these metrics confirm protocol resilience and suggest growing network effects—key catalysts for sustained user interest and the potential for further APAC business development engagements.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.