- •Ethena’s $0.61 support break shifted momentum, placing $0.50 as the immediate downside target.
- •Trading volume surged 44%, showing stronger participation despite price weakness.
- •Market cap of $4.01B with TVL at $14.47B signals strong ecosystem engagement.
Ethena (ENA) recently lost the $0.61 support level, creating fresh downside pressure as traders assess the likelihood of a decline toward $0.50. The move follows structural weakness and a decisive failure to hold key resistance.
Structural Breakdown and Resistance Retest
Ali (@ali_charts) identified the $0.61 zone as a critical support. The level had previously absorbed repeated sell pressure, producing rebounds and holding as a hinge for price stability.
A structural change occurred when ENA rolled down from higher supply areas, forming lower highs before breaking below $0.61. This breach transformed the long-standing support into overhead resistance, signaling a bearish shift in market control.
Following the break, ENA attempted to retest the $0.59–$0.62 band. The rebound failed, reinforcing that sellers were defending the fallen level. This rejection strengthens the case for continued downside movement, placing $0.54–$0.52 as near-term checkpoints.
Market Activity and Liquidity Strength
Despite the downside pressure, liquidity improved. Ethena’s market cap stands at $4.01 billion, while its fully diluted valuation is at $8.74 billion. This valuation gap reflects the room left for further token unlocks.
The trading volume increased to $198.3 million in 24 hours, which was 44.16 % higher compared to the previous day. This surge demonstrates rising participation as traders react to technical shifts. A volume‑to‑market‑cap ratio of 4.92 % confirms a liquid trading environment.
The token’s maximum supply is fixed at 15 billion ENA, with circulating supply already substantial. Additionally, 78.43 K holders provide a wide community base, contributing to market resilience even as volatility increases.
Price Zones and Market Outlook
Ethena is trading at around $0.5827 at the time of writing, swinging between intraday support at $0.575 and resistance around $0.603‑$0.61. This range forms the immediate battleground for short‑term traders.
The dotted decline path from Ali’s chart outlines potential steps toward $0.50. Key checkpoints lie at $0.54‑$0.52, areas where prior activity slowed. A break below these zones could confirm continuation toward $0.50.
Conversely, a recovery that is greater than $0.61 and which is well‑volume may cancel the bearish structure. This would probably lead to a test at $0.66‑0.74 and short‑sellers will have to cover. Until this occurs, the downside risk still prevails.