The ENA price of Ethena remains stagnant despite new partnership agreements

Ethena garners media attention as Ethena Labs decides to partner with Kraken, a leading centralized exchange, to support custody services for collateralized assets for USDe.

The choice of Kraken Custody demonstrates “a commitment to expanding USDe on a robust infrastructure platform that meets the standards of major organizations,” according to Mr. Guy Young, Founder of Ethena.

The latest report from Coinphoton also highlights the launch of JupUSD on the Solana network, marking Ethena’s next Whitelabel stablecoin officially operational. However, these moves still do not generate a significant boost for the ENA price.

Long-term trend of ENA remains unchanged

A 1-day chart shows that an upward trend has not yet been established in this timeframe.

Source: TradingView After a short-term recovery in early January, the recent weekly decline further consolidates the sellers’ control over the market.

Notably, the A/D indicator has been continuously declining since September 2025, when ENA’s price faced strong resistance at the $0.85 supply zone. This indicates that trading volume is mainly skewed toward sellers.

In fact, the recent rally to the $0.26 level helped the Directional Movement Index indicate a short-term uptrend. However, subsequent corrections caused this indicator to become hesitant.

This signals that the downtrend is no longer as strong as in October and November, but there is still no clear momentum for the buyers.

Conditions for ENA to break out of stagnation

Recent positive news clearly has not had a significant impact on the long-term price trend. For the market to truly turn around, a broad positive sentiment shift is needed—something Bitcoin (BTC) could trigger if it surpasses the $100,000 threshold.

Strategy for traders: Sell on rebounds

This option carries risks if Bitcoin bulls push the price above the resistance zone of $94,500.

However, based on current signals, ENA traders might consider selling when the price recovers to the $0.24 area—aligned with the long-term downtrend.

Source: CoinGlass The recent dip to the $0.217-$0.213 zone cleared out a long position cluster, and the price rebounded to $0.22. Above, the $0.228 level is gradually attracting selling pressure, along with another zone just above $0.24.

Traders can take advantage of rebounds to these short clusters to open short positions, with the $0.24 zone expected to trigger the strongest downward reaction.

Profit targets are set at the $0.21 zone, with stop-loss (invalidation) above $0.25.