ENA Price Prediction: Can Ethena Reclaim $0.37?

Why ENA Price Rebounded More Than 110%

ENA staged a rebound after facing an extended downtrend and hitting an ATH at USD 0.07.

The token zoomed up over 110% from early July until early September.

Most gains came in August, with market capitalization soaring 86%.

Ethena Restructuring Could Ease Selling Pressure

Such a powerful rebound was driven by news that Ethena Foundation intends to carry out major restructuring, which includes:

• Canceling the recurring monthly venture capital (VC) investor unlocks. Aside from team tokens, the next unlock will take place in early October. Crypto experts believe that this could ease market pressure, which dragged down token prices in the past.

• Buying out stakes from early seed investors, e.g. from Galaxy Digital and Dragonfly Capital.

• Implementing the Fee Switch mechanism, with 95% of gross protocol revenue to be redirected to buy back ENA tokens.

ENA Buybacks and Ethena Pay Strengthen the Bull Case

Moreover, Ethena Labs launched a payments app, Ethena Pay, which is available in 48 countries, enabling free transfers in USD, EUR, and GBP.

Despite its beta status, this may have pushed up the token.

ENA Price Targets: $0.26 and $0.37

From a technical standpoint, if the token extends gains, the next target for the bulls might be the 23.6% Fibonacci retracement level at $0.26.

In case of a breakout, the bulls could attempt to push the token back toward $0.37, a level seen in Q4 2025.

Needless to say, a breakout above the 200-DMA and a change in the slope of the regression channel are positive factors, as the local trend has so far been bullish.