Ethena (ENA) Price Faces Stiff Resistance Despite Upcoming Coinbase Listing

Key Takeaways

• Despite being listed by Coinbase Assets on June 4, ENA’s price fell from $0.34 to $0.31
• Data suggests resistance around $0.35, where 878 addresses hold 2.77 billion ENA at a loss.
• The daily MACD and AO confirm bearish bias around it, with both indicators in the red zone.

On June 4, Coinbase Assets, the platform responsible for announcing potential listings on Coinbase, revealed that it had added support for Ethena (ENA). However, despite the listing news, ENA’s price dropped shortly,

Within hours, the price fell from $0.34 to $0.31. This decline deepened the altcoin’s weekly losses to 20%, raising mixed sentiment across the market.

While some traders view the dip as a discounted entry opportunity, others believe the correction may not be over yet.

In this analysis, CCN evaluated what could be next for ENA, using insights from key technical and on-chain indicators.

Coinbase News Fails to Lift ENA

From an on-chain perspective, we looked at Ethena’s In/Out of Money Around Price (IOMAP)—the IOMAP spots support and resistance by measuring the volume of tokens in unrealized profits or losses.

A high concentration of profitable addresses typically creates support, while a cluster of holders sitting on losses signals resistance. According to data from IntoTheBlock, ENA’s most significant resistance lies between $0.35 and $0.36.

At that level, 878 addresses collectively hold 2.77 billion ENA, currently at a loss. This cluster exceeds the volume accumulated between $0.27 and $0.31, suggesting that ENA could face substantial selling pressure around $0.35 as it attempts to climb higher.

If these holders move to exit their positions, Ethena could face rejection, potentially dragging the price back down toward $0.27.

Bears Dominant

On the technical front, the 4-hour chart reveals that the Bull Bear Power (BBP) indicator has slipped into negative territory — a sign that bears currently have the upper hand.

The BBP measures the strength of buying versus selling pressure. A negative reading implies bearish control, while a positive one signals bullish dominance.

As shown below, the BBP has printed four consecutive red histogram bars, indicating intensifying selling pressure.

If this trend continues, it could accelerate downward pressure on Ethena’s price.

ENA Price Analysis

Meanwhile, the daily chart shows that the momentum around ENA’s price is bearish. From the image below, the Awesome Oscillator (AO) is negative, indicating bullish altcoin momentum has faded.

Like the AO, the Moving Average Convergence Divergence (MACD) is down to the red zone. The MACD’s Exponential Moving Average (EMA) has also formed a bearish crossover.

If sustained, Ethena’s price might struggle to break the overhead resistance at $0.51. Instead, the altcoin’s value might experience a pullback as low as $0.25.

However, if buying pressure increases, momentum might turn bullish. In that scenario, ENA might climb toward $0.66.