Ethena remains in focus after finding a spot on Coinbase’s asset roadmap on June 4th. But is ENA worth buying at current levels?
Ethena (ENA) recently caught investors’ attention after its addition to Coinbase’s asset roadmap on June 4, yet the price slipped—from around $0.34 to below $0.30. With stalled momentum and looming token unlocks, the question stands: is the current dip a buying opportunity or a red flag?
Technical Outlook & Key Price Levels
ENA faces resistance in the $0.35–$0.36 range, where 878 addresses hold roughly 2.77 billion tokens at a loss. Short‑term indicators such as MACD and AO paint a bearish picture, struggling below the 20‑day EMA.
That said, a breakout above USD 0.32 resistance could signal a reversal. FxStreet notes bullish technicals and derivative data suggesting a possible move to $0.34, while CoinCentral highlights the potential for a Golden Cross, paving the way toward $0.60.
Fundamentals & On‑Chain Signals
Token unlocks—such as ~$12.7 M on June 2 and another $50 M (≈171 M ENA) on June 5—have weighed on price but haven’t triggered major dumps.
Meanwhile, recent whale accumulation and rising futures open interest hint at underlying demand. Ethena’s on‑chain activity remains active and resilient, suggesting holders may be absorbing supply.
Utility, Yield & Forecasts
Ethena’s USDe stablecoin offers 37% APY, drawing in yield‑hungry capital. USDe has emerged as a top‑5 stablecoin ($1.9 B market cap), bolstering network credibility.
Longer‑term projections are mixed: CoinCodex forecasts ENA around $0.22–$0.24 by December 2025 (~18% upside), while BlockDAG’s bullish case projects $0.80–$1.20 for 2025. Gate.io averages a moderate $0.30–0.39 range.
Conclusion
ENA’s current dip to ~$0.30 may present a tactical entry for medium‑term upside. The protocol shows resilience with token unlock absorption, technical breakout potential, and compelling yield via USDe.
However, stubborn resistance at ~$0.35–$0.36 and scheduled unlocks necessitate caution. A confirmed breakout above $0.32–$0.34 with supporting EMA/MACD shifts could validate bullish conviction.
For now, we advise cautious accumulation with tight stops—especially around near‑term supply pressure and pending technical signals.
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