• Ethena (ENA) value will increase as 21Shares launches Ethena and Morpho ETP in Europe.
• Technical evaluation signifies that ENA’s near-term momentum is bettering.
• Nevertheless, the shrinking provide of USDe poses dangers to the Ethena ecosystem.

Etena (ENA) continues to garner market curiosity because the cryptocurrency panorama modifications, with new institutional merchandise and altering stablecoin traits.

On the time of writing, ENA was up about 15.96% in at some point, buying and selling across the $0.28 zone, outpacing the broader market’s 6.03% rise.

Of notice is the worth surge following the launch of 21-share Etena ETP (EENA) and 21-share Morpho ETP (MORPH), each of that are at the moment listed on main European exchanges reminiscent of SIX Swiss Trade and Euronext.

These listings present regulated entry to Etena (ENA) and Morpho, increasing the potential investor base as demand for publicity to cryptocurrencies traded on clear exchanges continues to develop.

ETP itemizing will increase curiosity from institutional traders

The introduction of Ethena ETP and Morpho ETP is a crucial step for the ecosystem.

The product helps buying and selling in each USD and EUR, reducing the barrier for European traders in search of publicity to ENA by way of a well-recognized monetary construction.

Related ETP launches for different altcoins prior to now have led to waves of institutional inflows, and early indicators additionally level to elevated curiosity in Ethena.

Analysts see the transfer as an indication that Ethena’s infrastructure is maturing, particularly as 21Shares provides tokens to its lineup of regulated crypto merchandise.

Market members are at the moment keeping track of ETP buying and selling volumes to find out how strongly institutional shopping for will assist the following leg of ENA.

Stablecoin shrinkage dampens enthusiasm

Regardless of robust value actions, Etena faces challenges associated to the artificial stablecoin USDe.

The token noticed its provide plummet by 24% in November, and its market cap fell from $9.3 billion to $7.1 billion.

A lot of the decline adopted a short-lived depeg occasion in October, which brought on greater than $2 billion in redemptions, despite the fact that the incident was as a consequence of issues with Binance’s oracles moderately than protocol flaws.

Throughout the identical interval, competitors from fiat-backed stablecoins intensified, with USDT, USDC, PYUSD, and RLUSD collectively including billions of {dollars} in inflows and increasing their dominance inside the $311 billion stablecoin market.

Moreover, as USDe performs a central function in Ethena’s income era mannequin, any discount in provide and exercise might weigh on long-term protocol charges, making it a key issue for ENA holders to observe.

Ethena value prediction

The technical state of affairs has turn out to be extra constructive over the previous week.

ENA broke above the 7-day easy shifting common close to $0.272, which gained momentum after a bullish MACD crossover.

The RSI has additionally recovered from its current weak spot, suggesting that sellers are shedding management within the quick time period.

Nevertheless, merchants might want to maintain an in depth eye on whether or not ENA can shut convincingly above $0.30, which coincides with the important thing Fibonacci retracement stage.

In response to CoinLore, a break above $0.30 might open the door to $0.51 within the close to time period, however the token continues to be nicely beneath its all-time excessive and the 200-day EMA is close to a formidable resistance zone at $0.47.