Ethena (ENA) is still trading on a tight bandwidth as the market remains cautious due to months of steady decline. The price stability of the token around major support levels is an indicator of a possible consolidation after a prolonged decline.
Market Context and Emerging Support Levels
The weekly chart for Ethena (ENA/USDT) illustrates a deep corrective cycle that has been in motion since the token’s last major high near $1.20. Persistent selling pressure over the months has driven prices toward a key horizontal support area between $0.23 and $0.20. According to chart projections, this range aligns with historical accumulation zones where demand previously resurfaced following prolonged drawdowns.
Analyst ali_charts identified this area as a potential buying region, citing a possible double-bottom formation that could establish the base for a broader recovery. The previous lows of each cycle have been followed by a rapid increase reaction in the past and thus, ENA might be at the verge of another turning point. Price may be supported in this range and at a steady pace a cumulative buying pressure might push it to the first resistance at around $0.45.
The technical outline also displays cyclical symmetry—periods of extended weakness often transition into sharp recoveries once liquidity returns. However, traders must note that short-term volatility may persist before a clear reversal unfolds, as the market tests the conviction of new buyers within this projected accumulation band.
Short-Term Price Dynamics and Trader Sentiment
Ethena has experienced a slight change in the past 24 hours, as it has been trading at around $0.322 since it could not maintain its momentum past the mark of $0.335. The session started around the range of $0.3224 and spent a short time ascending to $0.342 and then dropped back to its original position owing to profit-taking. These intraday moves demonstrate that the buyers are still slowly making their way back but overall belief is not so much.
During the last week, ENA has fallen by approximately 27%, continuing a full 46 percent fall over the last month. The 90-day performance is 49% drawdown with the losses decreasing further on the long-term basis, with only 12% on six-month basis and 8% to date. It is a sign of moderation which may be a decline in the pressure and that there is a chance to stabilize at the present levels provided the support is maintained above $0.30.
Market positioning data provides additional insight. On Binance, ENA’s long/short ratio stands at 1.79, indicating that long positions outweigh shorts. Similarly, OKX reflects a slightly stronger bullish skew at 1.99. However, Binance’s top trader ratio of 0.91 suggests that professional participants remain cautious, expecting further testing of lower levels before a sustained rebound begins.
Market Stability and Prospective Recovery Outlook
Liquidation data shows a relatively stable environment, with only $75,000 cleared within the past hour and about $207,000 over four hours. A decrease in speculative leverage, which frequently precedes base formation, is indicated by the low liquidation volume. Prices may more successfully consolidate before starting an upward trend if there is less volatility.
Analysts view stability above $0.30 as essential for establishing market confidence. Sustained closes within the $0.23–$0.20 range would reinforce the idea of long-term accumulation, especially if accompanied by consistent volume inflows. On the other hand, a clear fall below 0.20 would nullify the bullish formation, and the correction period would be prolonged even more.
USD, a stablecoin of Ethena, is meanwhile within the parity range at $0.9991 with small fluctuations of 24-hour volume, which further confirms the long-term strength of the project in the face of uncertainty on the markets. All these signals present the present stage of Ethena as a recalibration phase in which reserved optimism is combined with controlled risk-taking as traders wait to see a directional breakout.