ENA Tests Critical Support with Bounce Potential Above $0.19 Toward Higher Levels

Key Insights:

• ENA trades near support in a descending channel, with buyers eyeing a bounce from $0.136.
• Analyst sees weakening sell pressure, pointing to potential move toward $0.19 and resistance at $0.25+.
• TVL drops to $7.35B from $15B, fees down, reflecting reduced DeFi activity and investor caution.

Ethena (ENA) is trading near a key support zone, where buyers are showing renewed interest after a recent price drop. As the token moves within a descending channel on the 3-day chart, attention has turned to its potential bounce from current levels.

The price of ENA stands at $0.136575 as of February 2, 2026, after falling 2.71% in the past 24 hours. Market watchers are monitoring this range closely, as a move upward from here may point to a shift in momentum.

Support Zone Holds as Buyers Step In

ENA is testing the lower boundary of a descending channel, where it has found support before. Analysts are watching this zone to see if it can hold once again. Some traders believe the selling pressure may be slowing, with strength returning near this support level.

Jonathan Carter, a market analyst, noted, “Strength is emerging from this established support zone as sellers lose momentum.” This support is seen as crucial, and a bounce from here may lift the token toward resistance levels at $0.19 and beyond.

The potential bounce areas are $0.25, $0.35, $0.46, $0.67, and $0.88 when the price breaks the $0.19 level. These levels are based on previous resistance zones and price action data. For now, traders are focused on whether the token can hold above current levels.

TVL and Fees Decline While Sentiment Remains Mixed

According to DeFiLlama, ENA’s Total Value Locked (TVL) in DeFi protocols is now at $7.352 billion. This is a sharp drop from the nearly $15 billion seen in September 2025. Daily fees generated are reported at $270,770, suggesting lower usage and trading activity.

This drop may reflect changing market conditions and lower investor interest, though some recovery is visible at the start of 2026. “ENA broke down from that last support level and is trading in inverted price discovery at an all-time low,” said a post from AltCryptoGems.

While some traders view the current price as a base for recovery, others are still unsure about the long-term direction. The market remains in a wait-and-see mode as the token trades near its lowest levels.