Ethena Price: Bybit Partnership Boosts Ethena (ENA) Price Target Amid High Trader Activity

Highlights

Ethena price receives strong boost over the news of Bybit partnership.
Ethena will integrate USDe stablecoin as collateral for Perpetual futureson the Bybit exchange.
ENA price face a strong resistance at $1.03 crossing which will trigger the next leg of rally.

Amid its recent partnership announcement with Bybit, the Ethena (ENA) price surged all the way to $1.0 earlier today. As of press time, ENA is trading 4% up at $0.902 with a market cap of $1.37 billion and daily trading volumes surging by a staggering 45% to $632 million.

Ethena Partners With Bybit

On Tuesday, May 7, Ethena announced its partnership with crypto exchange Bybit to integrate its USDe stablecoin as collateral for Perpetual futures trading on the platform. this will provide Bybit users the ability to earn yields as well as unlock “greater capital efficiency”.

USDe is the native stablecoin of Ethena Labs, hailed as “the first-ever scalable synthetic dollar”. Last month, the platform incorporated Bitcoin as an asset supporting USDe after distributing its governance token, ENA, via airdrop to eligible users.

The integration of USDe with Bybit will also introduce Bitcoin and Ether spot trading pairs with USDe, as announced in a press release. Additionally, USDe will be available on the exchange’s Earn platform, allowing users to utilize their synthetic dollars for Bybit launchpool farming. speaking on the development, Guy Young, CEO and founder of Ethena Labs, said:

“Ethena’s integration with Bybit is a significant step in driving use cases for USDe. Offering USDe as collateral on Bybit which is one of the most important derivative venues in all of crypto will unlock USDe’s next wave of growth, further challenging the existing stablecoin hegemony with a tailored product purpose-built for crypto-natives”.

ENA Price Target of $10

Soon after going last month in early April, the Ethena (ENA) price surged all the way to $1.50 in a week’s time driving investors’ attention. However, in the past few weeks, the ENA price retraced by nearly 50% dropping all the way to $0.80.

Now, Ethena has resumed its upward trajectory once again trying to give a breakout past $1. Arthur Hayes, CEO of crypto exchange BitMEX predicted that the ENA price could rally further to $10.

Currently, the ENA token has retraced below the crucial support level at $0.9425, its peak reached on April 29th, while still maintaining a slight position above the 50-period moving average. As a result, the current outlook for the token remains neutral. Key support and resistance levels to monitor are at $0.85 and $1.03 respectively.

TAGS
Bybit

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.