Ethena Price Prediction: Analyst Eyes $0.17 as ENA Buybacks and Network Activity Pick Up

By Afe Funbi

Ethena is starting to show some life after holding a key support zone near $0.135. It’s trading around $0.15 now, trying to recover after weeks of choppy action. Some traders think the next move could take it back toward $0.17.

 

One of them is Altcoin Sherpa, who recently pointed to ENA as one of the stronger-looking altcoins on his watchlist. He said a run toward $0.17 looked possible, and the charts help explain why.

Ethena has also been making progress behind the scenes. A governance proposal approved earlier this month introduced a future buyback program tied directly to protocol revenue, and network activity has started moving higher again.

The ENA price is pressing against resistance

We had a look at the ENA chart, and one level keeps showing up: $0.16. The ENA price is trading near $0.1537 after gaining 3.22% on the latest 4-hour candle. During that session, ENA hit $0.1542 before easing back a bit.

4-hour ENA chart analysis

What’s encouraging for buyers is where the price is compared to its moving averages. ENA is holding above the 25 EMA at $0.1461, the 50 EMA at $0.1464, the 100 EMA at $0.1395, and the 200 EMA at $0.1478. That’s a clean sweep, above all four. 

Having the ENA price above all four levels gives bulls something to work with after the bounce from $0.1351. If buyers push through $0.16, the next levels on the chart are $0.17, $0.18, $0.19, and then $0.20.

Daily ENA chart analysis

The daily chart tells a similar story. ENA is trading around $0.1511 and sitting comfortably above its 100-day simple moving average at $0.1036. The daily RSI is at 54.39, so there’s still room to run before things get stretched.

Why this ENA trader is watching the $0.17 target

Altcoin Sherpa’s call for a move toward $0.17 isn’t coming out of nowhere. The ENA price has already bounced from the $0.1351 support area and is trading above a cluster of short-term moving averages.

$ENA had my eye on this one yesterday but never entered; looks pretty strong imo. Should make a run for $0.17 pic.twitter.com/DrGikJtyNc

— Altcoin Sherpa (@AltcoinSherpa) September 17, 2026

The next big hurdle is between $0.16 and $0.1750. That zone also lines up with an important Fibonacci retracement level on the daily chart. If buyers clear it, attention would quickly shift to $0.18 and potentially $0.20.

The key level below is still $0.1351, that’s where buyers stepped in during the last correction. If ENA loses that support, the next downside targets are $0.12, $0.11, and $0.10. For now, though, the recovery is still intact.

Ethena’s buyback plan could become a major catalyst

Beyond the chart, Ethena has given investors something new to watch. On September 2, the community approved a fee-switch proposal that would direct 95% of Ethena’s net revenue toward ENA buybacks. 

The catch is that the system won’t activate until USDe supply reaches $7.5 billion. USDe supply is estimated to be around $4 billion today, meaning the protocol still needs substantial growth before the buybacks begin.

Even so, the proposal changes how many investors view ENA. Instead of relying purely on market sentiment, future demand could become linked directly to protocol performance. If USDe continues expanding and eventually crosses the required threshold, the protocol would begin purchasing ENA using revenue generated from its business operations.

Ethena continues expanding its ecosystem

The buyback proposal isn’t the only thing happening inside the Ethena ecosystem. The protocol has expanded USDe onto the TRON network, which reports more than 403 million registered accounts. 

Ethena Pay has also entered beta testing, allowing users to spend stablecoin balances through payment cards. Institutional adoption remains another area of focus. Ethena secured a $1 billion FalconX credit facility and added integrations connected to BlackRock’s Aladdin platform.

All of these developments have one thing in common: they are designed to increase USDe usage. The faster USDe grows, the closer Ethena moves toward activating the buyback mechanism that many ENA holders are watching.

Ethena network activity is starting to improve

ENA on-chain data has also become more encouraging. Active addresses climbed from 750 to around 1,150 over the latest tracking period. During the same stretch, the ENA price moved from about $0.14 to $0.15.

Transfer activity followed a similar path. The number of transfers increased from around 2,600 to approximately 4,900. Those numbers point to more users interacting with the network again after activity cooled earlier.

If active addresses continue moving toward 1,250 and transfers push beyond 5,000, it would strengthen the argument that network participation is improving alongside the price recovery.

Where could the ENA price go next?

The ENA price has several things working in its favor. Technically, ENA is still above its key moving averages and has held the $0.1351 support zone without breaking. On-chain activity is picking up too, and transfers have climbed to roughly 4,900. So both the chart and the network data are moving in the right direction.

Fundamentally, investors are watching Ethena’s future buyback mechanism, which would direct 95% of protocol net revenue toward ENA purchases once USDe supply reaches $7.5 billion. For now, the biggest level on the chart remains $0.16. 

A breakout above that area could open the door to $0.17, followed by $0.18 and $0.20. If sellers regain control and push the ENA price below $0.1351, attention would turn to $0.12 and lower support levels.

CoinCodex’s 1-month ENA price prediction places the price at $0.1150, implying that analysts expect the ENA price to trade lower from current levels and potentially revisit key support areas before attempting another move higher.

 

Source:: Ethena Price Prediction: Analyst Eyes $0.17 as ENA Buybacks and Network Activity Pick Up