Ethena's $0.67 Resistance Test: Token Unlock Threatens to Derail Bullish Momentum

Ethena (ENA) faces a pivotal juncture as its price hovers near the $0.67 resistance level amid heightened market volatility. Recent data indicates that ENA has surged 5% to $0.61, driven by increased trading volume and strategic partnerships. Ethena Labs' collaboration with Sui Network to launch suiUSDe and USDi-dollar-backed stable assets-has bolstered DeFi capabilities on the blockchain, embedding Ethena within one of the fastest-growing networks. The integration of Ethena's Stablecoin-as-a-Service (SaaS) solution aims to enhance liquidity and stability, aligning with Sui's focus on scalability Ethena Price Prediction: ENA Partners with Sui as Bulls Target …^[1].

Technical indicators highlight a critical threshold for ENA. The Relative Strength Index (RSI) stands at 46.86, suggesting neutral momentum, while the 50-day and 200-day moving averages remain above $0.54 and $0.47, respectively. A breakout above $0.67 would confirm a bullish reversal, whereas a failure to clear this level could trigger a retest of the $0.54 support zone Ethena Price Prediction: ENA Partners with Sui as Bulls Target …^[1]. Open interest for ENA futures has surged to $1.06 billion, reflecting speculative activity, with the long/short ratio at 0.9857, indicating a slight bias toward long positions Ethena Price Prediction: ENA Partners with Sui as Bulls Target …^[1].

Market sentiment remains mixed. CoinGlass data shows a bearish Fear & Greed Index at 27, with ENA's price down 25.17% from its 30-day average. However, on-chain metrics reveal growing demand: Ethena's total value locked (TVL) has nearly doubled to $12 billion in two months, and daily fees hit $67.9 million 3 Key Ethena (ENA) Support Levels To Monitor – Analyst^[5]. Analysts warn that a $25 million token unlock on September 2 could exacerbate selling pressure, particularly after a 7.5% 24-hour gain brought the price to $0.6782 3 Key Ethena (ENA) Support Levels To Monitor – Analyst^[5].

Key support levels identified by cost basis distribution (CBD) models include $0.47, $0.44, and $0.35, with the latter representing a potential 37.5% drawdown from current levels . Fibonacci retracement analysis further underscores $0.67 as a critical resistance, with a successful breakout targeting $0.81–$0.85 Ethena price steadies near $0.67 but $25M ENA token unlock …^[4]. Conversely, a breakdown could see prices test $0.41 or $0.35 Federal Reserve’s Tight Policy Sparks Crypto Market Volatility^[7].

The broader crypto market's volatility, driven by Federal Reserve policy shifts and macroeconomic uncertainty, has amplified ENA's price swings. Over $353 million in liquidations occurred globally in 24 hours, with Bitcoin experiencing $3.2 billion in inflows as investors repositioned . Ethena's performance remains tied to macro trends, with analysts noting its potential to rebound toward $1.10 if the $0.50 support holds ENA Declines After Resistance Rejection, Ending …^[3].