Ethena $ENA Price Faces Pressure as Double Top Looms

Key Insights:

• The double top pattern suggests a price drop to $0.52 for Ethena ($ENA).
• Analyst Bryce’s strategy capitalized on the Fibonacci retest and rising market volume for $ENA.
• Whale activity and increased trading volume show strong market momentum despite potential price correction.

Ethena ($ENA) price is facing growing pressure as it shows signs of forming a double top pattern. This technical setup may indicate a potential price decline in the near future. Analysts are monitoring the situation closely as trading volume rises and large market players increase their activity.

Double Top Pattern Could Signal Downward Pressure

Analyst Ali_charts has pointed out that $ENA might be forming a double top pattern, a classic chart formation that often suggests a price reversal. According to his analysis, this pattern is marked by two peaks on the price chart.

He noted that if the double top pattern is confirmed, the market may see the price drop to $0.52. The chart analysis also shows multiple sell signals, marked with the number “9” on the TD Sequential indicator.

These signals suggest a possible trend reversal. If the double top scenario plays out, $ENA could experience downward movement, with some experts predicting a significant price correction.

Analyst’s Trade Strategy Before Major News Event

Before the recent price fluctuations, analyst BryceTheTrader shared his trade strategy for $ENA. Bryce managed to enter a position based on a retest of the 0.75 Fibonacci level on an H4 chart. 

This trade was made ahead of a major fund news release, which contributed to favorable price action. Bryce mentioned that he set his stop-loss below key support levels and fully closed the position at the highs.

His analysis of market imbalances and rising volume pointed to a potential return to market balance. The trader also noted that a high-volume impulse candle was instrumental in pushing the price upward.

Rising Whale Activity and Increased Trading Volume

As of press time, the price of ENA is $0.76, with a 24-hour trading volume of $630.5M. The token has seen a 1.74% decrease in the past 24 hours. These metrics suggest that while the price faces downward pressure, market activity remains relatively high, with active participants closely monitoring potential trends.

As of September 10, 2025, ENA was priced at $0.808, showing an upward trend despite recent market pressure. Analyst Ali_charts have observed a rise in whale activity and trading volume. This increase suggests that large-scale players are contributing to the overall market movement.

Ali noted that both active addresses and transaction volumes have risen alongside whale activity. This pattern is often seen when strong momentum builds in a market. The recent price movement, which began in late August, further supports the idea of continued upward momentum, even as a double top pattern looms.