Ethena (ENA) continues to attract market attention as new institutional products reshape the crypto landscape. The token has gained significant momentum following major European exchange listings.
At press time, ENA surged approximately 15.96% in 24 hours to trade near $0.28. This outpaced the broader market’s 6.03% gain during the same period.
The price rally follows the launch of 21Shares Ethena ETP (EENA) and Morpho ETP (MORPH). Both products are now listed on major European exchanges, including SIX Swiss Exchange and Euronext.
These listings provide regulated access to Ethena and Morpho tokens. They also expand the potential investor base as demand for transparent crypto exposure grows.
European ETPs Drive Institutional Access
The Ethena ETP and Morpho ETP launches represent a significant milestone for the ecosystem. Both products support USD and EUR trading, lowering barriers for European investors.
Similar ETP launches for other altcoins have previously triggered institutional inflows. Early indicators suggest rising attention toward Ethena as well.
Analysts view this move as evidence that Ethena’s infrastructure is maturing. The addition to 21Shares’ regulated crypto product lineup further validates this perspective.
Market participants are monitoring ETP trading volumes closely. These metrics will help determine how institutional buying may support ENA’s next price movement.
USDe Supply Decline Creates Headwinds
Despite strong price performance, Ethena faces challenges with its synthetic stablecoin USDe. The token experienced a sharp 24% supply contraction in November.
USDe’s market cap dropped from $9.3 billion to $7.1 billion during this period. Much of the decline followed a brief depeg event in October.
The October incident prompted over $2 billion in redemptions. However, the issue was attributed to a Binance oracle problem rather than protocol flaws.
Competition from fiat-backed stablecoins intensified simultaneously. USDT, USDC, PYUSD, and RLUSD collectively added billions in inflows, expanding their dominance in the $311 billion stablecoin market.
Since USDe plays a central role in Ethena’s revenue model, reduced supply may impact long-term protocol fees. This remains an important factor for ENA holders to monitor.
Technical Analysis Shows Improving Momentum
The technical picture has turned more positive over the past week. ENA broke above its 7-day simple moving average around $0.272, where momentum accelerated following a bullish MACD crossover.
The RSI has recovered from recent weakness, suggesting sellers have lost short-term control. However, traders should watch whether ENA can close convincingly above $0.30.
This level aligns with a key Fibonacci retracement zone. A break above $0.30 could open the path toward $0.51 in the near term, according to CoinLore.
Nevertheless, the token remains far below its all-time high. The 200-day EMA near $0.47 stands as formidable resistance that bulls must overcome.
