Oh, jolly good show! Ethena’s price has leapt up like a startled gazelle, increasing by a whopping 25% on the announcement of its listing on Upbit, the largest exchange in South Korea. The current trading price stands at a respectable $0.37, with trading volume surging faster than a butler running to answer the doorbell.
This surge has caused Ethena’s price to break above the upper trendline resistance of a descending triangle pattern that had been forming since mid-May. Typically, this pattern is as bearish as Bertie Wooster’s attempts at matchmaking, but in this case, it has resolved to the upside, much to the delight of investors. The breakout was accompanied by explosive volume, which is as convincing as Jeeves’ impeccable taste in waistcoats.
The current rally seems to be driven by the recent listing on Upbit, which has added Ethena trading pairs for KRW, Bitcoin (BTC), and Tether (USDT). This follows Upbit’s recent listing of Hyperlane (HYPER) and Babylon (BABY) tokens, which have seen similar surges. Additionally, the broader crypto market surge, with Bitcoin breaking above $118,000 and setting a new all-time high, has likely contributed to Ethena’s price rally.
Ethena’s ability to hold the lower horizontal support since early April is quite commendable, especially considering regular token unlocks. The latest unlock released over 171 million ENA tokens worth over $63 million, representing 2.7% of circulating supply. Prior to that, in June, Ethena had a massive cliff unlock of 212.5 million tokens, representing 3.72% of its unlockable supply. However, the relatively horizontal support at ~$0.24 still didn’t budge.
Looking ahead, traders should keep an eye on ENA’s ability to maintain support around $0.30 on retest of the breakout level. Holding this level could confirm momentum for a sustained move toward the $0.46 resistance and beyond. In the meantime, let’s raise a glass of bubbly and toast to Ethena’s soaring success! 🥂
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2025-07-11 13:22