- ENA’s price has risen 6% as bulls target a breakout above $0.24.
- Upbit and Bithumb have listed Ethena USD (USDe).
- Arthur Hayes shared a fresh ENA price forecast, noting a potential rise to $1.
Ethena (ENA) climbed strongly on Wednesday as crypto markets bounced and a major South Korean exchange listed the synthetic stablecoin Ethena USD (USDe).
Renewed optimism around Ethena’s governance token ENA prompted prominent investor Arthur Hayes to express bullish sentiment and publish a forecast that the token could reach $1.
ENA price jumps after Upbit and Bithumb list USDe
South Korea’s leading crypto exchanges Upbit and Bithumb have both added support for Ethena’s USDe.
Both platforms announced listings on Wednesday, meaning USDe is now available on two of Asia’s most active trading markets.
Upbit now supports USDe pairs against KRW, BTC and USDT, while Bithumb confirmed the addition of a USDe/KRW market.
These listings improve liquidity, accessibility and adoption of USDe in markets where fiat-to-crypto trading volumes are often substantial.
Historically, token listings on Upbit have coincided with price rallies for the listed cryptocurrencies.
ENA, the governance token of the Ethena protocol, stands to benefit from this bullish environment.
At the time of writing, ENA was trading around $0.24, up about 7% over the past 24 hours. Trading volume surged roughly 160% to over $389 million, while USDe volume increased 48% following the listings.
The increase in volume pushed ENA to an intraday high of $0.25.
Arthur Hayes sees ENA reaching $1
Hayes, the co-founder of BitMEX and an influential crypto investor, said he is optimistic that ENA could go parabolic in the near term.
The entrepreneur, who has previously backed Ethena’s growth thesis, shared his latest forecast in a post on X, stating simply: “it’s time $ENA = $1.”
This view aligns with Hayes’ history of bold market calls; he has reportedly accumulated ENA during price dips.
His comment suggests that increased exchange support, especially on high-volume markets such as South Korea, could accelerate wider adoption. Upward pressure on ENA’s price might give bulls the momentum needed to target the psychological $1 level.
ENA last traded near that level in January 2025. A broader market downturn pushed the token to lows near $0.22 in June, after which a rally tested peaks around $0.80 before forming a double top and retreating below $0.20 in early January 2026.
Ethena’s ongoing efforts to integrate USDe onto major platforms could drive protocol growth and trading activity, supporting further upside for ENA.
If current price action represents a double bottom, a retest of $0.80 would be the next major resistance, with $1 becoming a realistic target thereafter.