crypto.news
Ethena’s native token has remained unfazed by its recent 40 million token unlock, with bullish technicals now pointing to a potential rally toward $1 in the coming months.
According to data from crypto.news, Ethena ($ENA) was trading at $0.34 on Wednesday, June 4, afternoon Asian time, holding on to gains of over 36% from its year-to-date low. Its market cap was seated at nearly $2 billion with a daily trading volume of $273 million as of press time.
While the token still trades about 77% below its all-time high, several upcoming developments suggest Ethena could be poised for a strong bullish reversal.
One of the most promising catalysts is an upcoming listing on Coinbase, now that the largest crypto exchange in the U.S. has officially added $ENA to its listing roadmap.
Listings on tier-1 exchanges like Coinbase typically boost visibility, liquidity, and investor access. $ENA rallied over 10% following the announcement but had shed some of those gains at press time.
Another major tailwind is Ethena Labs’ partnership with RWA infrastructure provider Securitize. Together, they’re working on launching a dedicated RWA-focused blockchain called Converge, with the mainnet expected to go live by the end of this quarter.
Additionally, despite nearly 41 million $ENA tokens, worth over $12 million at current prices, being unlocked on June 1, the market barely flinched, dropping just 1% over the day. The mild reaction suggests that bullish sentiment is still strong enough to absorb the extra supply without causing a major sell-off.
Meanwhile, Ethena’s core offering continues to gain traction in the DeFi space. The total value locked in the ecosystem, mainly through its yield-bearing stablecoin, $USDe, has surged to nearly $5.8 billion, just below its all-time high of $6.2 billion.
$USDe has now climbed the ranks to become the fourth-largest stablecoin in the industry, behind only Tether ($USDT), USD Coin (USDC), and USDS. Currently, more than 709,000 wallets hold $USDe, with users earning an 8% annual yield from arbitrage opportunities within the network.
Meanwhile, thanks to its recent rollout on the TON blockchain, over 900 million users can now access Ethena’s $USDe across decentralized finance applications.
At the same time, EtherealDEX, a decentralized exchange powered by sUSDe, has also made notable progress through its testnet phase, with a full launch expected later this year.
These developments could serve as key drivers pushing $ENA higher in the coming weeks.
$ENA price analysis
On the 1-day $ENA/$USDT chart, $ENA has broken above a multi-month descending trendline that had previously been capping its price with lower highs and lower lows. That trendline has now flipped into support, triggering a buy signal for bulls.
$ENA rally to $1 with a Coinbase listing on the horizon? - 1"> $ENA also looks ready to break out of the upper boundary of a descending triangle pattern that’s been forming since early 2025 (shown in blue on the chart). If it clears this level with strong volume, it could confirm a bullish breakout.
Zooming out the chart, $ENA appears to be shaping up a massive double bottom pattern, which is typically seen as a strong reversal signal. Its recent price movement also seems to mirror a cyclical trend observed (shown in pink boxes) right before the token’s big rally in November last year, where $ENA shot up nearly 250%.
Technically, $ENA is also approaching a move above its 20-day exponential moving average. A close above this line would add to the bullish case and suggest growing short-term momentum.
If the current setup holds, the next likely target is around $0.51, which aligns with the 23.6% Fibonacci retracement level. Breaking above that could open the doors to $1, a key psychological resistance level that also happens to line up with the 61.8% Fibonacci retracement, right where the double bottom pattern is to play out.
On the flip side, if $ENA slips below the local support at $0.25, it could trigger some profit-taking or panic selling. In that case, the token might fall back toward the $0.20 range, which marks the lower end of the double bottom formation and a strong historical support zone.