Ethena price jumps as token buying pressure builds

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Ethena surges 10.28% today

Highlights

Ethena faces heightened market focus due to a scheduled major ENA token unlock event increasing circulating supply.
Anticipation of the large release of ENA tokens is contributing to volatility and shaping short-term sentiment.
ENA/USD trades with short-term bullish momentum but faces consolidation between $0.10 and $0.13, with indicators showing weak trend and uncertainty.

Token unlock event drives market focus amid looming supply surge

Ethena is in the spotlight this week as a major token unlock event is scheduled, with millions of ENA tokens set to be released. Additionally, recent reports have highlighted the significant upcoming increase in circulating supply. These developments are currently shaping market attention around Ethena.

Anton Kharitonov, expert at Traders Union, sees ENA’s rise above short- and medium-term averages as a fleeting technical relief. He notes that price action remains capped well below the 200-day moving average, confirming ongoing heavy selling. Kharitonov highlights oversold oscillator readings and signals from indicators like RSI and MACD as warning signs of underlying weakness. The upcoming token unlock and supply increase add to structural risks, dampening sentiment. He states, “Despite the bounce, the combination of weak trend momentum and supply pressure keeps downside risks elevated.”

Viktoras Karapetjanc, expert at Traders Union, believes the current price structure remains constructive above key support levels. He sees the upcoming token unlock as an opportunity for renewed interest and increased liquidity. Karapetjanc highlights the robust buying interest seen in today’s session and notes the potential for further momentum if $0.13 resistance is cleared. He says, “The market offers multiple setups for active participants, and I expect further growth if Ethena defends support and builds on this bullish momentum.”

Mixed momentum signals and volatile rally as resistance holds

ENA/USD is trading above the 20-day moving average ($0.1081) and significantly above the 50-day ($0.0998), but remains well below the 200-day moving average ($0.1956). This suggests short- and medium-term upside momentum, while the long-term trend is still under pressure from sellers. The nearest dynamic support sits at the Ichimoku Kijun level ($0.1113), with the area around the 50-day moving average as immediate support if the price pulls back.

Momentum signals are mixed: the MACD on the daily chart is flat and the Average Directional Index (ADX) indicates a weak trend. The Relative Strength Index (RSI) is below 50 and pointing to lingering downside risk, and both the Stochastic RSI and Commodity Channel Index (CCI) reflect oversold conditions. Bull/Bear Power (BBP) is marginally positive, indicating that buyers are dominating short-term momentum. The Awesome Oscillator also confirms positive intraday flow. The pair started the session with a small downside gap of about $0.0023, surged 10.28% to $0.1132, and is now trading near the day’s highs on notable volatility (13.61%). This underscores resilience and sustained buying interest. However, the divergence between oversold oscillators and firm price action points to underlying uncertainty in the current rally.

Earlier, analysts noted that Ethena faced a period of short-term momentum with heightened volatility risks amid an impending token unlock. The latest market action reinforces this view, as ongoing oscillators’ divergence and increased buying interest suggest traders should closely monitor volatility and potential breakout attempts above the $0.13 resistance in the coming sessions.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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