Bithumb, one of South Korea's leading crypto exchanges, is planning to add Ecena to its Korean market today.
According to an official Bithumb announcement, Ethena (ENA) transactions will begin on Tuesday, February 25th, 2025 at 6pm. Deposits and withdrawals will be opened within 3 hours of notification, but only on Ethereum Network.
Ecena has an initial price of 536 kRW, and traders must wait for 33 deposit confirmations before processing the transaction.
Bithumb has also introduced some temporary restrictions for its launch. Buyers are unable to place an order in the first 5 minutes of a transaction, and during this period sales orders are limited to the range of -10% to +100% of the base price. Automatic transactions are only available after the first transaction is completed.
Last year, ENA secured a list of BYBIT, another major Korean crypto exchange, on April 2, 2024, and was able to trade with USDT.
Lists on major crypto exchanges such as Bybit and Bithumb tend to cause a sharp rise in the prices of related cryptocurrencies. However, Ena saw only modest rebounds, recovering some of the losses from the previous day, down 7.5% over the past 24 hours.
ENA's calm price movements reflect a broader slump across the Crypto market.
Despite the recent recession, analysts remain bullish on the long-term potential of the ENA.
Trader Solid with more than 117k followers on X could potentially go up above the all-time high of $1.52 if ENA's price is low within the trading range of $0.3100 to $0.4136, and enter price discovery He said.
A fellow trader Alejandrobtc, who was also optimistic about the ENA, said it looked like a “good buy” in a similar accumulation range. According to a one-day chart he shared, Altcoin grew nearly 300% to $1.25 in December last year after trading within the same accumulation range from August to November 2024. See below.
However, the next big move for ENA is likely to improve the broader market situation.
At press time, ENA exchanged hands for $0.3811, with a market capitalization of $1.18 billion.
