The Ethena (ENA) price just pulled off one of the cleanest rebounds in the market today. ENA bounced straight off the $0.24–$0.22 support zone, a level analysts have been watching for weeks, and the reaction has been strong.
At writing, ENA is trading around $0.28, with volume picking up again after a long stretch of selling pressure.
What makes this bounce different is how “perfect” the reset looks. According to analysts, the ENA price has now tapped a rare 0.0 Fibonacci retracement, a zone that only forms after a full-cycle washout.
In other words, the Ethena chart has completely reset, and that’s exactly where big reversals often begin.
What Analysts Are Seeing on the ENA Chart
Analyst Crypto Patel highlighted the importance of this $0.24–$0.22 area, calling it the Ethena price key base and noting that every previous test of this zone has led to powerful rallies. His chart shows a clear setup: if this support holds, ENA could easily push toward $0.50, then $0.80, with long-term upside pointing to $2–$5.
Patel describes the current setup as low risk, high reward, mainly because the downside is limited as long as ENA stays above the base. The structure looks almost identical to prior bottoms that later exploded into multi-hundred percent moves.
Analyst Ali also chimed in, pointing out that the Ethena price has already delivered two major V-shaped recoveries over the past year.
His chart suggests the pattern may be setting up for a third one, and historically, ENA doesn’t take long to turn sharp reversals into sustained runs.
Both analysts are focusing on the same thing: the ENA price has reached the exact level where sentiment flips quickly once buyers step in.
What Comes Next for Ethena Price
If ENA continues to hold above this reset zone, the next steps are straightforward. A push back toward $0.32–$0.35 opens the door to $0.50, where the first big pocket of liquidity sits. Breaking that range would target $0.80, the previous major swing level.
The longer-term targets of $2 to $5 aren’t predictions for tomorrow, but they do reflect how asymmetric the chart looks now compared to a week ago.
Every major ENA rally in the past started with the same conditions: washed-out price action, heavy support, and a sudden shift in momentum.
If this support fails, the setup weakens. But if it holds, and so far it’s holding cleanly, the ENA price may be lining up one of its classic recoveries.
Right now, analysts agree on one thing: ENA is in a rare zone, and the chart is giving its first real signs of strength in weeks.