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bigonedearestWhy Ethena sits so far below its peak
Ethena trades at $0.1941 today — −87.3% from its $1.52 high set in April 2024. A fall that deep means something simple: returning to that level would take a 7.8× rise.
From low to high
Over 2 years the price of Ethena has moved between $0.0699 and $1.52. The low came in June 2026, the high in April 2024. From the bottom the price has risen 2.8× — which is what someone would have made buying at the worst possible moment and holding to today.
The deepest fall on monthly closes was −92.1%: from the peak in December 2024 to the bottom in June 2026, taking 18 months. A useful number: it shows what holding through would have meant.
It has been 22 months since that high, and the price has not returned to it.
What the years show
The best full year was 2025 at −78.0%. The worst was 2025 at −78.0%. Of 1 full year, 0 closed up and 1 closed down.
Falling years outnumber rising ones — but the spread between the best and worst year matters more than the count: that is what tells you what to be ready for.
The current year stands at −2.9%, ranging from $0.0699 to $0.2946.
Months: how many closed up
Of 29 closed months, 10 finished up and 19 finished down — 34% of months were rising ones. The average month returned +3.7%.
The strongest month on record was November 2024 at +133%; the hardest was February 2025 at −45.9%.
Does ENA have a seasonal pattern
On average ENA did best in November: +49.3% across 2 observations, 1 of them positive. It did worst in February: −35.4% across 2 observations.
We print the number of observations next to the percentage for a reason. 2 observations is 2 observations: on a sample that size a pattern cannot be told apart from coincidence. Interesting to look at, not something to plan around.
How to use this
Everything above is the past. It does not say where the price goes next, but it does show the range to be ready for: $0.0699 to $1.52, with a drawdown of −92.1%.
What is useful right now is this: ENA costs different amounts on different exchanges, and that gap is visible in the cross-exchange scanner. Before a large purchase it is worth checking the order books — they show how much you can actually take at a given price, not just the best offer. And if the coin has to move between venues, the transfers section shows which network is cheaper.
