- Ethena (ENA) trades at $0.3574, facing a 1.30% daily decline and a 16.04% weekly drop, indicating ongoing market uncertainty.
- Holding above the $0.342 support zone could trigger a move toward $0.473, with $0.4000 acting as a key resistance level.
- If ENA falls below $0.3500, selling pressure may increase, potentially leading to a further decline toward the $0.3200–$0.3100 range.
Ethena (ENA) is at the crossroads as it oscillates around key support levels as traders weigh the direction of the next price. Recent technical analysis suggests that support holding may position the price for a potential breakout, though sentiment remains inconclusive.
Market trends and price activity
Technical analysis indicates that ENA has been ranging within a given trading range. The chart indicates sharp peaks and troughs, indicating high volatility. The price fluctuation has made traders cautious, as both sellers and buyers are constantly testing major price levels.
At the time of writing, the price of Ethena (ENA) was at $0.3574, having declined by 1.30% in the past 24 hours. The token declined 16.04% over the last week, indicating a trend of downward pressure. Despite the recent drop, the trading volume is high at $163,513,944, indicating active market participation.
Support and Resistance Levels
Crypto analyst Ali_charts recently opined that the support level of ENA should be at $0.342 to sustain its position. If the price stays above this area, it can witness an upward push to $0.473.
The support area is now between $0.3450 and $0.3500, where buyers have been stepping in to prevent any further decline. A reversal from here suggests some demand, but whether this can continue is uncertain.
A mid-level resistance of $0.4000 was a turning point for price actions previously. If ENA can overcome this barrier, then there would be a turn to bullish momentum. The next major resistance price is at $0.4600, a price that has been difficult to breach on recent attempts. A successful crossing above this would propel the token to $0.5000.
Potential Price Scenarios
A bullish case for ENA would be the price recovering to $0.3700, then advancing to the target at $0.4000. Sustained momentum past $0.4000 would confirm an upward trend and even larger price targets.
Alternatively, if the price fails to hold support and drops below $0.3500, sell-off pressures would build. In this case, ENA would fall to the $0.3200–$0.3100 area, and downward risks would increase.
