Should You Buy Ethena in 2025?

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At HelloSafe, our expert has been monitoring the evolution of the Ethena cryptocurrency for over three years. Every month, hundreds of thousands of users across Singapore trust us to analyse market trends and identify prime investment opportunities. Our reports are strictly informational and should not be considered investment advice. In line with our ethical standards, HelloSafe has never invested in Ethena or received compensation from entities associated with its ecosystem.

Ethena in brief

How much does 1 Ethena cost?

The price of Ethena is on the rise this week. The current value of Ethena stands at approximately SGD 0.39, registering a 24-hour increase of +6.8% and a weekly uptick of +2%.

As volatility remains a key trait in the DeFi sector, Ethena presents both dynamic opportunities and significant risk for investors in Singapore’s fast-evolving crypto market.

Our complete review of the Ethena crypto

Have recent developments in Ethena’s DeFi protocol, plus its price trajectory over the past three years, signaled an inflection point for investors seeking innovative digital assets? Drawing on cutting-edge on-chain analytics, technical market signals, and a proprietary blend of macro and competitive data, our analysis aims to distill the critical insights from multiple expert sources. So why could Ethena emerge in 2025 as a strategic entry point within the fast-evolving synthetic stablecoin and DeFi ecosystem?

Performance and Market Context

Recent Price Evolution

Since its public launch in March 2024, Ethena (ENA) has captured attention, surging to all-time highs (ATH) of $1.32-$1.52 before entering a corrective phase, with the current price positioned at $0.29-$0.32—down 78% from its ATH. Over a one-year view, ENA demonstrates robust absolute and relative performance, tracing patterns of heavy accumulation and trading volume. On a short-term basis, ENA has shown volatility, yet the last several weeks have seen stabilization within a sustained support band of $0.27-$0.30, alongside a notable short-term rally of +4.43% to +9.07% (24h) and +2% (weekly).

Recent Positive Events

• Successful $100 million Series B funding round led by Franklin Templeton and F-Prime Capital (Fidelity) in December 2024, validating institutional confidence
• Onboarding to the Coinbase listing roadmap—a critical liquidity and credibility driver—triggered a price spike and renewed speculative interest
• Integration with the TON ecosystem, bringing cross-chain utility and up to 18% APY for USDe holders
• TVL exceeded $3.5 billion, and the native USDe stablecoin’s supply reached 5.9 billion, underscoring adoption traction

Favourable Macro and Sector Backdrop

Ethena’s emergence coincides with a sustained uptrend in DeFi TVLs, renewed institutional appetite for on-chain yield, and a regulatory softening across key jurisdictions. Synthetic stablecoins have gained momentum as TradFi volatility prompts institutional capital to diversify into crypto-native stable value instruments. Singapore regulators’ constructive posture on innovation and digital assets further reinforces the regional appeal of ENA for sophisticated investors.

Technical Analysis

Key Crypto Indicators

• Relative Strength Index (RSI): After a multi-month downward cycle, RSI metrics signal a reset to ‘neutral’ territory, clearing the way for new uptrends without overbought pressure.
• MACD: MACD momentum is evidencing a bullish crossover, with histogram expansion pointing to a reversal in medium-term directionality.
• Moving Averages: The 50-day EMA is flattening, and the price has retested the $0.30 level repeatedly, confirming it as a formidable support.

Robust Support and Reversal Signals

• Support zone: $0.27-$0.30 (historically defended, underpinned by multi-billion-dollar TVL and on-chain flows)
• Resistance zone: $0.40-$0.45 (target on clean breakouts, potential acceleration on Coinbase listing confirmation)
• Short- to Medium-Term Structure: Price compression between moving averages and support suggests a coiled spring scenario, where any positive macro or protocol event could unlock a momentum phase.

Momentum Outlook

With liquidity and volume steadily recovering ($176-255 million 24h), and technical exhaustion of selling pressure, ENA’s chart structure is now primed for upward re-rating, particularly on confirmation of ecosystem milestones or sustained market risk-on sentiment.

Fundamental Analysis

Accelerating Adoption and Partnerships

• TVL above $3.5 billion is already positioning Ethena in the top 50 protocols globally, demonstrating sticky capital and high on-chain activity.
• Strategic alliances with the TON Blockchain, and integration plans with major DeFi protocols, are expanding USDe’s utility and cross-chain reach.
• The upcoming launch of the iUSDe synthetic dollar marks a leap in product innovation, offering new use cases for risk-averse and yield-seeking users alike.
• Major exchange listings, including the ongoing Coinbase process, will elevate ENA’s profile for both institutional and retail investors.

Attractive Valuation and Market Position

• Market Cap: $1.84-1.97 billion, with a substantial growth runway as the protocol captures share from legacy stablecoins
• FDV (Fully Diluted Valuation): ~$4.5 billion, providing attractive asymmetry relative to market leaders like Maker and Curve
• TVL: Over $3.5B, a core indicator of institutional engagement and user confidence

Structural Strengths

• Technological Edge: Ethena is a pioneer of delta-neutral synthetic dollar strategies, enabling collateral-independent stablecoin issuance with robust peg maintenance.
• Community and Ecosystem: Activity and engagement outpace many sector peers, aided by major protocol upgrades and transparent governance led by CEO Guy Young.
• Differentiation: As a crypto-native, banking-independent solution, Ethena is constructed to be resilient to fiat on-ramp/regulatory disruptions.

Volume, Liquidity and Market Confidence

• 24h Trading Volume: $176-255M, assuring ample liquidity for market participants and enforcing trust in price discovery.
• Dominance: Ethena now consistently ranks #47-49 on CoinMarketCap, a strong position for a protocol in late 2024 still within its first year of operation.

Catalysts and Forward Prospects

• Protocol Upgrades: iUSDe launch and planned multi-chain rollouts can bring step changes in network activity and utility.
• TradFi/DeFi Integrations: Further institutional partnerships, especially with TradFi platforms, could trigger significant capital inflows.
• Favourable Regulation: Singapore and other leading jurisdictions continue to encourage digital innovation, which could accelerate institutional adoption.

Investment Strategies by Time Horizon

Short-Term (weeks to 3 months)

• Technical bounce potential: Entry near the $0.30 support zone, targeting first resistance at $0.38-0.40
• Catalyst-driven: Potential rally on positive Coinbase listing, protocol launches or further institutional news
• Momentum trades: Tight stop strategies below $0.27 secure downside, while upside is leveraged by improving sentiment metrics

Medium-Term (3-12 months)

• Re-rating plays: Positioning ahead of the iUSDe launch and additional DeFi ecosystem partnerships (notably cross-chain expansions)
• Yield enhancement: Participate in staking or liquidity pools for both asset exposure and attractive APY
• Risk-adjusted: Potential to capture outperformance as TradFi capital rotates into regulated digital assets in Singapore and the APAC region

Long-Term (beyond 1 year)

• Core hold: Exposure to a leading synthetic stablecoin platform aiming for multi-chain dominance
• Macro tailwinds: Benefiting from Asia’s leadership in digital regulation and TradFi integration
• Strategic allocations: Riding the wave of stablecoin market disruption as Ethena moves towards mainstream adoption

Ideal Positioning

Market participants may view current levels as advantageous for engagement, particularly on technical pullbacks or in anticipation of protocol roadmap execution. Historically, accumulation phases at multi-month price lows have often preceded structural uptrends in emergent DeFi sectors.

Ethena Price Forecasts (USD)

Is Now the Moment to Consider Ethena?

Key Strengths

• Solidified by $136 million in institutional funding and clear validation from blue-chip investors
• Fast-growing user base, rising TVL and large circulating stablecoin supply underscore on-chain traction
• Robust liquidity, top-50 CoinMarketCap positioning, and expanding ecosystem partnerships
• Protocol innovations (iUSDe, multi-chain expansion) well-aligned with current and future stablecoin demand drivers
• Favourable regulatory disposition in leading jurisdictions, especially Singapore—a gateway for regional and global adoption

Optimistic Outlook and Conviction

All aggregate signals—technical, fundamental, and sentiment—point towards a significantly improved risk/reward for Ethena as it emerges from post-launch volatility. The realignment of price towards support, combined with new product launches and major exchange integrations, suggests that Ethena could be embarking on a renewed growth phase. For investors seeking exposure to scalable DeFi and synthetic stablecoin innovation, Ethena appears to represent an excellent opportunity, with its fundamentals justifying renewed interest.

Important Information

Ethena remains a high-volatility digital asset that offers dynamic investment opportunities but requires disciplined risk management. Its rapid recent price acceleration showcases Ethena’s powerful upside potential, but in a macro context that rewards selectivity, diligent monitoring of technical levels—such as $0.30 as immediate support and $0.40 as major resistance—is essential. The upcoming iUSDe protocol upgrade in 2025 could act as a pivotal catalyst for Ethena’s next market cycle.

How to buy Ethena?

It’s easy and secure to purchase Ethena (ENA) online through a well-regulated cryptocurrency platform, even if you’re new to digital investing in Singapore. There are two main ways to gain exposure: direct spot purchase—where you actually own the ENA token—or trading via crypto CFDs (Contracts for Difference), which lets you speculate on ENA’s price movements without holding the coin itself. Each method comes with its own advantages and risks. Below, you'll find a detailed comparison of leading platforms to help you choose the option best suited to your needs.

Spot Purchase

Spot purchase means you directly buy and own Ethena (ENA) tokens, which are then stored in your exchange or personal crypto wallet. This method gives you full control over your assets and the possibility to participate in protocol governance or staking, if supported. Most regulated exchanges charge a fixed commission per transaction, often in SGD. For example, suppose ENA is trading at USD 0.30 (around SGD 0.41) per token. With SGD 1,400 (about ~USD 1,000), and a SGD 7 flat transaction fee, you could acquire approximately 3,390 ENA tokens (SGD 1,393 / 0.41 = ~3,390).

Potential Gain Example

If ENA’s price rises by 10%, your ENA holdings would now be worth about SGD 1,540.
Result: That’s a gross gain of SGD 140, or +10% on your investment (excluding fees).

Trading via CFD

Trading Ethena via crypto CFDs (Contracts for Difference) allows you to speculate on ENA’s price – either up or down – without actually owning the token. CFD platforms charge a spread (the difference between buy/sell prices), plus an overnight funding fee if you keep your position open beyond a day. Suppose you commit SGD 1,400 with 5x leverage to a CFD on ENA. Your market exposure jumps to SGD 7,000.

Potential Gain Example

If ENA’s price moves up by 8%, your position earns 8% × 5 = 40%.
Result: You could make a gross profit of SGD 560 on your initial SGD 1,400 (before deducting spreads and overnight costs).

Final Advice

Before you invest, carefully compare the fee structures, security features, and account conditions of each platform—details can make a big difference to your returns. Ultimately, your choice should reflect your risk appetite, investment goals, and experience in crypto trading. For a thorough review and comparison of trusted platforms suitable for Singapore, refer to the dedicated comparison table further down this page.

Our 7 tips for buying Ethena

The latest news from Ethena

Ethena secured a $100 million Series B funding round led by Franklin Templeton and F-Prime Capital in December 2024. This substantial capital injection comes from globally recognized institutional investors and reinforces confidence in the protocol’s business model and growth potential. The funding will support Ethena’s ongoing development and global expansion, with expectations of strategic benefits for jurisdictions with strong finance sectors, such as Singapore. Notably, Franklin Templeton already has an established presence in SG, suggesting possible synergies for future regional growth or partnership. The investment round positively impacted ENA’s price in the last week, with bullish sentiment observed across both local and global market participants.

Ethena’s governance token ENA has been included in Coinbase’s official listing roadmap, spurring notable price gains and trading activity. Coinbase is widely accessible to Singaporean residents, and a prospective listing can improve liquidity and recognition for ENA among regionally active retail and institutional users. The announcement coincided with a strengthening MACD signal and marked price surges of over 4% on the day, supporting broader interest in the project across Southeast Asian markets. Improved exchange accessibility aligns with SG’s digitally savvy investor base and could fuel further demand should a full listing materialize.

Recent integration with the TON ecosystem offers up to 18% APY, highlighting Ethena’s push for DeFi innovation and yield opportunities. This cross-chain collaboration is especially relevant as both projects have attracted strategic attention from Asia-Pacific investors. Singapore-based DeFi enthusiasts and institutional allocators seeking attractive yield in a compliant framework are likely to find these new earning mechanisms compelling. The move underlines Ethena’s commitment to multi-chain growth and its strategy to diversify stablecoin adoption and utility, with positive reception seen in DeFi communities in SG.

Total Value Locked (TVL) on the Ethena protocol surpassed $3.5 billion, demonstrating robust user and capital growth within the last seven days. This positions Ethena in the global top 50 DeFi platforms by TVL, making it one of the most prominent synthetic stablecoin projects. For Singapore-based hedge funds, asset managers, and family offices, this milestone can serve as a validation of Ethena’s technology and its underlying risk management. The consistently rising TVL and token supply also reflect active ecosystem participation, factors often scrutinized by regulated financial entities in SG prior to onboarding novel protocols or recommending digital assets.

Market sentiment has shifted constructively following visible institutional adoption and multi-chain expansion, with technical indicators pointing to renewed price momentum and stability. Short-term technicals reveal a supportive $0.27–$0.30 price band and growing resistance at $0.40–$0.45. The recent +2% weekly performance, increasing trading volumes, and ongoing staking rewards have fostered cautious optimism. As Singapore refines its regulatory regime for stablecoins and DeFi, Ethena’s recent developments and sustained market resilience position it as a credible candidate for institutional portfolios within the region, especially for those seeking innovation in the synthetic dollar segment.

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.