- ENA’s price jumped 6% as it eyes a breakout above $0.24.
- Upbit and Bithumb listed Ethena USD (USDe).
- Arthur Hayes shared a new ENA price prediction, suggesting a possible rise to $1.
Ethena (ENA) gained ground on Wednesday as the broader crypto market rebounded and major South Korean exchanges listed Ethena’s synthetic stablecoin, Ethena USD (USDe).
The renewed optimism around Ethena’s governance token, ENA, prompted prominent investor Arthur Hayes to voice a strongly bullish outlook, forecasting a potential peak at $1.
Ethena price rises as Upbit and Bithumb list USDe
Leading South Korean crypto exchanges Upbit and Bithumb both announced support for Ethena’s USDe.
The listings were revealed on Wednesday, meaning USDe is now tradable on two of Asia’s most active markets.
Upbit now supports USDe trading pairs against KRW, BTC and USDT, while Bithumb confirmed the USDe/KRW market.
These listings increase liquidity, accessibility and adoption for USDe in a market known for substantial fiat-to-crypto trading volumes.
Historically, token listings on Upbit have coincided with price rallies for the respective assets.
ENA, the governance token of the Ethena protocol, could see this bullish momentum push it to new highs.
At the time of writing, ENA was trading around $0.24, up about 7% over the past 24 hours. Trading volume surged roughly 160%, topping $389 million, while USDe volume rose about 48% following the exchange listings.
ENA reached intraday highs near $0.25 amid the spike in volume.
Arthur Hayes predicts ENA could reach $1
Hayes, co-founder of BitMEX and a well-known crypto investor, expressed confidence that ENA could move parabolic in the near term.
The entrepreneur, who previously supported Ethena’s potential, shared his latest forecast on X, stating “it’s time for $ENA = $1.”
This follows Hayes’s prior bold market calls and his accumulation of ENA during downturns.
He suggested that increased exchange support—especially in high-volume markets like South Korea—could catalyze wider adoption. Greater buying pressure might allow bulls to target the psychological $1 level.
The last time ENA traded near that level was in January 2025. The wider market downturn later pushed prices down to around $0.22 in June.
A subsequent rebound allowed bulls to retest highs near $0.80, but that area formed a double-top pattern and prices fell below $0.20 in early January 2026.
Ongoing efforts by Ethena to integrate USDe across major platforms, potentially boosting protocol growth and revenue, could trigger further upward momentum for ENA.
If current levels form a double bottom, a renewed test of $0.80 and then $1 would be a plausible path forward.