TLDR
- Ethena (ENA) trades near $0.20, about 87% below its April 2024 all-time high of $1.52.
- Standard Chartered forecasts ENA at $1.10 by the end of 2027 and $2 in 2028.
- Ethena’s ecosystem holds about $4.96 billion in total value locked, according to DefiLlama.
- A proposed fee switch would start ENA buybacks once USDe supply reaches $7.5 billion.
- Ethena launched Earn+ on October 28, a savings feature offering yields of up to 12%.
Ethena (ENA) is trading near $0.20 on October 29. The token remains about 87% below its April 2024 all-time high of $1.52.
ENA recovered from around $0.07 in June 2026 but has struggled to keep its upward momentum since. Market data shows about $634 million in daily trading volume and a market capitalization of $2.7 billion.
Standard Chartered started research coverage of Ethena in September. Analyst Geoffrey Kendrick forecasts ENA at $0.42 by the end of 2026, $1.10 in 2027 and $2 in 2028.
LATEST: 📈 Standard Chartered set a $2 end-2028 price target for Ethena's ENA, citing a buyback program set to begin when USDe supply reaches $7.5B. pic.twitter.com/D9aqHJMXd2
— CoinMarketCap (@CoinMarketCap) October 1, 2026
Reaching the 2027 target would require roughly 450% upside from current levels. The bank expects USDe stablecoin supply to grow toward $40 billion by 2028.
Ethena Price Levels and Token Supply
Immediate support sits around $0.19 to $0.20, where buyers have recently stepped in. A drop below that range could open the way to $0.17 and then $0.14.
On the upside, ENA faces resistance near $0.25 to $0.26. Levels at $0.30 and $0.35 come next.
CoinMarketCap reports about 13.4 billion ENA in circulation. That is nearly 89% of the maximum supply of 15 billion tokens.
DefiLlama data puts Ethena’s total value locked at about $4.96 billion. Growth in the ecosystem has slowed, though activity remains high.
Fee Switch and Earn+ Launch
A central part of the Standard Chartered forecast is Ethena’s proposed fee-switch mechanism. Under the governance framework, ENA buybacks would begin once USDe supply reaches $7.5 billion.
Ninety-five percent of designated net revenue would go toward buying ENA. The effect would depend on protocol profits and stablecoin adoption.
On October 28, Ethena announced Earn+, a new savings feature inside Ethena Pay. It gives users access to outside DeFi strategies targeting yields of up to 12%.
The company reported about 1,400 active users and more than $8 million in balances. Weekly spending through the payments app tops $750,000.
Other forecasts differ widely. PrimeXBT places ENA between $0.14 and $0.29 during 2027.
Ethena’s USDe supply and the status of the fee switch are the figures to follow next. ENA was trading near $0.20 on October 29 with $634 million in daily volume.
