Ethena Price Prediction 2027: Can ENA Reach $1 as Standard Chartered Forecasts Major Rally?

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%.

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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.

Ethena (ENA) Price

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.

Source: TradingView

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.

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