- ENA broke below $0.56 support, flipping it to resistance; next key support is at $0.5428, then $0.485 if selloff continues.
- Candlestick pattern shows lower highs/lows; bearish trend persists unless bulls reclaim $0.56 and $0.60 levels.
- Broader outlook sees possible range between $0.50–$0.65, with strong support at $0.40–$0.35 if downtrend deepens.
Ethena (ENA) is under intense selling pressure as the price drops below a key support level. The asset has fallen past $0.55, a level that previously acted as a short term cushion. At press time, ENA was trading at $0.5523, ENA shows a 0.23% daily surge.
The move is a continuation of the downtrend that started after the asset peaked near $0.68. With bearish momentum gaining ground, $0.49 level could be the next potential support.
Price Drops Below Dense Trading Zone Around $0.56
The volume profile shows that $0.56 had the highest concentration of recent trading activity. However, ENA breached that level and is now struggling below it. The breakdown has flipped $0.56 from support to resistance.
Candlestick patterns show lower highs and lower lows, confirming persistent downward momentum. The structure points toward short term weakness unless buyers step in soon.
The price is testing $0.5428. If this level fails to hold, the next support is around $0.485. Immediate resistance levels are at $0.60 and $0.68, which were previous rejection points during the prior rally.
Chart Shows Bearish Moves, But Bounce Still Possible
The price movement after peaking near $0.68 has remained downward. The trend shows no confirmation of a strong reversal yet. However, a recovery from the current zone could see the asset retest $0.56. A push past that would lead to $0.60.
If bulls regain control, further upside could challenge the $0.68 resistance. On the contrary, a sustained drop below $0.54 may push ENA towards $0.485. The support zone will be tested if selling pressure continues into the weekend.
Broader Outlook Suggests Possible Range Before Major Move
Market watcher CJ shared on X that a temporary recovery could come before another leg lower heading into September. He cited structural patterns suggesting a possible range bound movement between $0.50 and $0.65.
CJ emphasized that this scenario wasn’t his initial expectation. However, recent weakness near key levels forced a reassessment of the broader outlook. Strong support is visible at $0.40 and $0.35, aligning with past consolidation zones. On the upside, a breakout above $0.75 could eventually lead toward $1.15.
ENA Holds at Key Support
Ethena continues to show weakness after losing support at $0.55. It now trades below the dense volume zone of $0.56. Bearish outlook dominates, with key levels at $0.5428 and $0.485 in focus. The market awaits either a bounce or further decline. Resistance zones at $0.60 and $0.68 still top any short term bullish attempts.
