Ethena’s native token, like a calm sea untroubled by a storm, remains unfazed by its recent unlock of a staggering 40 million tokens. Yet, with technical indicators showing bullish signs, one can almost hear the distant echo of a potential rally toward the coveted $1 mark. Who knows? Perhaps the world is about to witness an event as spectacular as an improbable comet streaking across the sky.
According to data from crypto.news, Ethena (ENA) was trading at $0.34 on Wednesday, June 4, afternoon Asian time. Even after an impressive surge of over 36% from its year-to-date low, this token still seems to linger just beneath the glory of its past. With a market cap resting just shy of $2 billion, and a daily trading volume of $273 million, ENA is showing that it might just be primed for a true ascent.
While it still trades a whopping 77% below its all-time high, whispers of upcoming events suggest that Ethena may very well be on the cusp of a bullish renaissance. Could it rise again like a phoenix from the ashes? Only time will tell.
Enter the harbinger of change: Coinbase. Now, the largest crypto exchange in the U.S. has graciously added ENA to its listing roadmap. That’s right, ENA is on the verge of rubbing elbows with crypto royalty. Listings on top-tier exchanges like Coinbase are known to create ripples—no, make that tidal waves—of visibility, liquidity, and investor access. Ethena’s token saw a brief rally of over 10% after the announcement, but like all great tales, it had to temper its enthusiasm, giving back some of those gains before the clock struck midnight.
But fear not, fellow crypto adventurer! There’s more to this story. A partnership with Securitize, a major player in the Real World Asset (RWA) infrastructure, has been forged. Together, they aim to birth a dedicated blockchain focused on RWA. The mainnet is set to go live by the end of this quarter—because, apparently, the world needs more blockchains. Shocking, right?
What’s more, despite nearly 41 million ENA tokens—worth over $12 million at current prices—being unlocked on June 1, the market barely blinked. A mere 1% drop? How quaint. It’s almost as though bullish sentiment remains as strong as a caffeinated bull on a sunny day, absorbing the extra supply like a sponge in a flood.
Meanwhile, Ethena’s core offering is gaining traction in the DeFi space. The total value locked in the ecosystem, primarily through its yield-bearing stablecoin, USDe, has surged to nearly $5.8 billion. That’s just shy of the all-time high of $6.2 billion, as if the market was whispering, “almost, but not quite yet.” USDe now ranks as the fourth-largest stablecoin, sitting comfortably behind only the titans: Tether (USDT), USD Coin (USDC), and USDS. Over 709,000 wallets hold USDe, each earning an 8% annual yield from the network’s arbitrage opportunities. It’s like finding an oasis in a desert of passive income.
And just when you think the story couldn’t get more absurdly exciting, the launch of Ethena’s USDe on the TON blockchain opens the doors to over 900 million users. That’s right, the masses are now invited to the party—well, the decentralized finance party, to be precise. And don’t forget EtherealDEX, a decentralized exchange powered by sUSDe, which is making notable progress with its testnet. A full launch is expected later this year, because why not add more layers to this crypto cake?
All these developments could serve as the much-needed fuel to propel ENA toward new heights in the coming weeks. Hold onto your hats, folks. It might just be one hell of a ride.
ENA price analysis
On the 1-day ENA/USDT chart, ENA has managed to break above a multi-month descending trendline, the one that had been capping its price like a lid on a jar. That trendline has now flipped into support, triggering a buy signal for the bulls. Here’s hoping the bulls are ready for the charge!
ENA also seems poised to break out of the upper boundary of a descending triangle pattern that has been slowly forming since early 2025. It’s like the token has been waiting for the right moment to escape the triangle’s grip. If it breaks through with strong volume, we might just witness a breakout of epic proportions.
Looking further out, ENA appears to be forming a massive double bottom pattern. This is often seen as a sign of a reversal. If we were to place bets, we’d wager that this is one setup that’s bound for greatness. The recent price action even seems to mimic a cyclical trend observed right before ENA’s massive rally last November, where it shot up nearly 250%. Who wouldn’t want to relive that again?
Technically speaking, ENA is getting dangerously close to moving above its 20-day exponential moving average. If it closes above that line, we could have a serious bullish scenario on our hands. Think of it like a rocket ready for launch, if rockets had charts and technical indicators.
If this current setup holds, the next target might be $0.51—aligning with the 23.6% Fibonacci retracement level. Break through that, and the magical door to $1 could swing wide open. And yes, $1 is a key psychological resistance level, as well as the 61.8% Fibonacci retracement. Sounds like fate, doesn’t it?
But—there’s always a “but”—if ENA slips below the local support at $0.25, well, we might witness a bit of panic selling. In that case, the token could tumble back toward $0.20, which marks the lower end of the double bottom formation. It would be like a tragic but necessary plot twist in this crypto drama.
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2025-06-04 13:22