The indigenous token of Ethena has not remained surprised by its recent 40 million token -withdrawing, where Bullish Technicals now point to a potential rally to $ 1 in the coming months.
According to data from crypto.news, Ethena (ENA) acted on Wednesday 4 June asian times at $ 0.34, with a profit of more than 36% compared to the low-to-date layer. Market capitalization was almost $ 2 billion with a daily trading volume of $ 273 million from the moment of the press.
Although token is still traded about 77% under his all time, various upcoming developments suggest that Ethena could be ready for a strong bullish reversal.
One of the most promising catalysts is one Upcoming list On Coinbase, the largest crypto exchange in the US has now officially added ENA to the mention -route map.
Lists on Tier-1 exchanges such as Coinbase generally increase visibility, liquidity and access to investors. Ena collected more than 10% after the announcement, but had dropped some of those profits on the press of the press.
Another large Windwind is the partnership of Ethena Labs with RWA infrastructure provider Securitize. Together they work on launching a dedicated RWA-oriented blockchain called Converge, with the mainnet expected to go live at the end of this quarter.
Moreover, despite nearly 41 million ENA tokens, worth more than $ 12 million at the current prices, unlocked on 1 June, the market hardly shrunk and only fell 1% during the day. The mild reaction suggests that Bullish sentiment is still strong enough to absorb the extra stock without causing a major sale.
In the meantime, the nuclear supply of Ethena GRIP continues to get a grip in the Defi space. The total value locked in the ecosystem, mainly due to its revenue stablecoin, Usde, has risen to almost $ 5.8 billion, just below the highest peak 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 are used portfolios, with users who earn an annual yield of 8% from arbitration options within the network.
In the meantime, thanks to the recent rollout on the Ton Blockchain, more than 900 million users now have access to the Usde van Ethena on decentralized financial applications.
At the same time, EtherealDex, a decentralized exchange driven by Susde, has also made remarkable progress by his test network -phase, with a complete launch that is expected later this year.
These developments could serve as important drivers that push higher in the coming weeks.
ENA -Price Analysis
On the 1-day ENA/USDT graph, Ena broke over a multi-monthly trendline that had previously released its prize with lower highlights and lower lows. That trendline has now been reversed and has activated a purchase signal for bulls.
Ena also looks ready to break from the upper limit of a falling triangular pattern that has been forming since the beginning of 2025 (shown in blue on the graph). If it knew this level with a strong volume, it can confirm a bullish breakout.
Ena zooms out the graph and seems to form a huge double bottom pattern, which is usually seen as a strong reversal signal. The recent price movement also seems to reflect a cyclical trend observed (shown in pink boxes) just before the big rally of the token in November last year, where ENA shot almost 250%.
Technically, ENA is also approaching a movement above his 20-day exponential advancing average. An end above this line would contribute to the bullish case and suggest a growing short -term momentum.
If the current setup applies, the following likely goal is around $ 0.51, which corresponds to the 23.6% Fibonacci Retracement level. Besides breaking that the doors can open for $ 1, an important psychological resistance level that also occurs with the 61.8% Fibonacci retracement, exactly where the double bottom pattern is to play out.
On the other hand, if ENA slides under the local support for $ 0.25, this can cause some profitable or panic sales. In that case, the token can fall back to the range of $ 0.20, which marks the lower end of double soil formation and a strong historical support zone.
