Ethena price prediction for 2030: Can fee switch activation push ENA to $2?

Traders Union
All News
Crypto
Ethena price prediction for 2030

Highlights

Ethena currently trades near $0.12, down roughly 92% from its all-time high of $1.52 reached in April 2024.
Long-term forecasts for 2030 range from $1.50 to $3 if the fee switch activates and institutional adoption scales USDe.
ENA faces a March 2 unlock of 333 million tokens, a delayed Converge launch, and fee switch activation still pending a governance vote.

This week, Ethena joined the Enterprise Ethereum Alliance alongside Polygon and Nethermind, while HTX launched a direct USDe minting service on February 9. Binance CEO Richard Teng categorically denied USDe depeg triggered the October 10 crash, proving the token remained at $0.99 on all venues except Binance's order book during liquidity strain.

The past two weeks delivered institutional milestones but exposed structural headwinds. Ethena released a developer SDK for Sui on February 4, integrating with DeepBook, Aftermath, and Bluefin as its first non-EVM chain push. Jupiter's JupUSD, built on Ethena infrastructure, saw ParaFi Capital settle a $35 million investment on February 2.

However, Converge, the institutional blockchain Ethena and Securitize announced in March 2025 for tokenized asset settlement, still hasn't launched despite the Q2 2025 target. Terminal Finance, the Ethena-incubated DEX with $280 million in pre-launch deposits, shut down entirely after Converge delays.

Technical structure shows consolidation at lows

The 4-hour chart reveals ENA forming an ascending triangle pattern near all-time lows, with price consolidating between $0.1 support and $0.13 resistance. The parabolic SAR at $0.13 suggests a fragile support structure, while all major EMAs (20, 50, 100, 200) sit overhead between $0.12 and $0.15.

ENA price dynamics (Source: TradingView)

The pattern indicates a potential breakout in either direction, with a move above $0.14 opening a path toward $0.17-$0.20, while a breakdown below $0.1 risks accelerating losses. Volume remains subdued, suggesting the market awaits catalysts.

Ethena's 2030 outlook depends on the fee switch

Looking ahead to 2030, Ethena's case hinges on whether the fee switch activates and Converge ships. If protocol revenue redirects to sENA stakers with annualized yields between 4.5% and 15%, ENA could realistically trade between $1.50 and $3 by 2030. USDe proved peg stability through brutal deleveraging, reaching a $9.3 billion market cap by August 2025 as the third-largest stablecoin. However, TVL cratered from $14 billion in October 2025 to the current $6-7 billion amid over $8 billion in net USDe redemptions.

Supply pressure remains intense. Roughly 8.225 billion of the 15 billion total supply is unlocked (55%), with the next cliff unlock of 333 million tokens hitting March 2 for core contributors. The $890 million DAT buyback program launched in late 2025 hasn't absorbed sell pressure at current prices. Fee switch benchmarks, including USDe supply above $6 billion and cumulative revenue near $250 million, were reportedly met by September 2025, but a governance vote to finalize parameters hasn't occurred.

What investors should monitor

Fee switch governance vote timing is the critical near-term catalyst. Converge launch progress and Terminal Finance revival potential matter for institutional narrative. Investors should track USDe TVL trends and whether redemptions stabilize. March 2 token unlock impact on price action will signal market absorption capacity. Institutional custody partnerships with Anchorage and Kraken expand distribution.

Analyst Anton Kharitonov stated:

“Ethena built one of crypto's most consequential stablecoin products with $6.5 billion TVL, but the governance token won't reflect that until the fee switch activates and Converge ships.”

By 2030, ENA's valuation will reflect whether it became a productive, yield-bearing asset or remained a governance-only token unable to capture protocol value.

Recently we discussed that Binance CEO Richard Teng denied USDe depeg caused the October 10 crash, clarifying the token remained at $0.99 on all venues except during Binance's infrastructure strain.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.