Ethena (ENA) continues to struggle under heavy selling pressure, with the token clinging to $0.58 support as traders weigh the risk of deeper declines against hopes of a breakout.
The cryptocurrency, which powers the Ethena protocol for synthetic stablecoins, has endured weeks of downward momentum. Now, technical signals suggest a decisive move is approaching, leaving investors closely watching whether ENA can reclaim lost ground or slide further toward lower support zones.
Analysts Warn of Bearish Formations
Technical analysts are divided on ENA’s outlook. Several points indicate a double top pattern forming between $0.60 and $0.62, which has reinforced bearish pressure. “Ethena $ENA lost $0.61 support, opening the door for a drop to $0.50,” analyst Ali Martinez wrote on X.
Ethena (ENA) slipped below $0.61 support, signaling potential downside toward $0.50. Source: Ali Martinez via X
Umair Crypto observed that unless ENA recovers the $0.61–$0.62 range, the price could slide toward $0.46 and potentially $0.39–$0.42, with the neckline rejection below $0.60 reinforcing downside pressure.
Technical Indicators Point to Weakness
On the daily chart, Ethena crypto shows Relative Strength Index (RSI) readings around 39, close to oversold but not yet signaling a full reversal. The MACD also remains bearish, suggesting downward momentum is still active. Analysts caution that $0.40 could be the next testing ground if selling continues.
At the same time, derivatives data paints a slightly more mixed picture. According to CoinGlass, open interest rose 1.59% to $1.05 billion while trading volume jumped 12.6%, pointing to speculative inflows even as spot prices weakened. The funding rate at 0.0064% remains neutral to slightly bullish.
Path to a Possible Breakout
Despite short-term weakness, some analysts still highlight the potential for a breakout if ENA clears the $0.8566 triangle resistance. “A confirmed breakout with volume could drive Ethena toward $0.9070 and even test $1.27,” one chartist suggested. The move would represent a sharp rebound from current levels, delivering gains above 50%.
Ethena (ENA) faces a possible double top, with risks of a deeper drawdown toward support near $0.60 unless broader market conditions improve. Source: Willjayducks via X
Forecasts for 2025 remain split. DigitalCoinPrice projects Ethena could climb back toward $1.21–$1.27, while Coincodex warns of a pullback to as low as $0.4577 before any sustainable recovery.
Looking Ahead: Balancing Risks and Opportunities
For now, Ethena’s technical picture remains cautious. The inability to hold above $0.61 has left the token vulnerable to further losses. Yet, traders are keeping a close eye on the $0.58 and $0.52 levels as immediate defenses. Should these hold, the possibility of reclaiming higher ground toward $0.8566 and ultimately $1.27 cannot be ruled out.
Ethena was trading at around $0.59, up 2.57% in the last 24 hours at press time. Source: Brave New Coin
As always, investors are advised to DYOR (Do Your Own Research) and approach with caution, as volatility continues to dominate the outlook for ENA and the broader altcoin market.