Ethena's governance token ENA trades at 0.1927 US dollars on 20 September 2026, roughly 71.4 percent below its twelve-month high of 0.6729 dollars from 20 September 2025, and about 170.4 percent above its twelve-month low of 0.0713 dollars from 2 July 2026. That spread frames the question this article sets out to answer: is Ethena a good buy at current prices, or has the easy part of the recovery already happened?