Will Ethena break resistance as buyer support drives momentum?

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Ethena jumps 7.4% after token unlock

Highlights

Ethena increased the circulating supply by unlocking 40.63 million ENA tokens and transferring 14 million ENA to Bybit.
Trading volumes surged to 60% above the monthly average, coinciding with recent market volatility and macro-driven profit taking.
ENA trades in a bullish structure with strong short-term momentum, projected to range between $0.1629 and $0.1842 over the next 2 to 3 days.

Market engagement surges as liquidity influx follows token unlock

On September 6, 2026, Ethena unlocked 40.63 million ENA tokens and saw a substantial 14 million ENA deposit to Bybit, actions that increased the circulating supply and enabled more tokens to enter the market, according to Diariobitcoin. This direct boost in available liquidity prompted a sharp uptick in trading activity, with volumes reaching 60% above the monthly average, reflecting immediate market engagement as participants positioned around these events. Recent price volatility also follows a previous day’s decline, which was linked to broader macroeconomic factors and profit-taking rather than platform-specific concerns, per Diariobitcoin.

Measured upside potential as positive momentum meets mixed signals

ENA/USD has held above the MA-20 at $0.1704 and MA-50 at $0.1669 on the hourly chart, while maintaining a solid position above the MA-200 at $0.1003, establishing clear separation from longer-term support levels. Immediate technical support is identified at the Ichimoku Kijun ($0.1752). Both MACD and ADX remain in buy territory, with RSI at 56.99 and CCI in bullish mode, implying moderate further upside without indicating overbought conditions. Stochastic RSI presents a neutral stance, and Bull/Bear Power signals intraday buyer dominance, while the Awesome Oscillator is neutral, limiting additional directional confirmation. The combination of positive momentum indicators and mixed oscillators calls for measured optimism despite near-term volatility.

Range-bound outlook with breakout risk centered on support level

Over the next 2–3 trading days, ENA/USD is likely to oscillate between $0.1629 and $0.1842, reflecting a typical volatility band relative to current levels. The probability of an upward move is high, but a sharp reversal below immediate support at $0.1752 could initiate tests of lower boundaries. The baseline expectation is range-bound action, with breakout attempts monitored at the upper range. Downside risk scenarios remain limited unless the support at $0.1752 breaks decisively.

Viktoras Karapetjanc, analyst at Traders Union, sees recent supply events and macro factors as key drivers shaping ENA’s outlook. He believes the strong uptick in trading volumes signals robust market engagement after the token unlock. Technicals and sentiment both support a constructive case for upside as long as immediate support holds. "I expect ENA/USD to remain bid with further upside potential, provided market sentiment and liquidity conditions stay favorable."

Previously it was reported that structural tokenomics changes and the initiation of strategic buybacks positioned Ethena (ENA) for continued bullish momentum. The current technical setup, underpinned by increased liquidity and solid support retention, suggests that traders should monitor for a decisive move above the immediate resistance or watch for potential downside risk if support at $0.1752 fails.

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

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.