Ethena Price Action Issues Alert as ENA Mirrors June 2025 Trend

Ethena's [ENA] price has seen some declines, with a recent drop to $0.235 after Bitcoin's [BTC] slight dip below $84,000. Despite a minor recovery in Bitcoin, ENA has struggled to show strength, raising concerns about market sentiment and buyer interest.

Key Takeaways

ENA fell to $0.235 following Bitcoin's drop below $84,000.
A lack of buyer interest in Ethena has been observed.
Key support levels for ENA include $0.238 and $0.218.
Market sentiment must shift to bullish for a rally similar to June 2025.
Short-term price predictions show potential downside risks.

Ethena's price action issues 'warning' as ENA repeats June 2025 pattern

Understanding Ethena's Current Position

Ethena 1-day Chart

Source: ENA/USDT on TradingView

Ethena’s price has returned to the $0.238 support level, reminiscent of a similar situation in late June. In that earlier instance, after a two-week period of price consolidation around this support, ENA rallied past the $0.80 mark by August.

For the market to replicate this bullish trend, a positive shift in market sentiment is necessary, particularly towards cryptocurrencies and altcoins. However, current indications suggest that this positivity is not on the horizon. As it stands, ENA's bearish pattern on the daily timeframe is expected to continue.

Ethena 1-hour Chart

Source: ENA/USDT on TradingView

Over the past two weeks, the 1-hour chart has exhibited notable behavior, showcasing consolidation patterns marked in purple. These include a channel and a rough triangle formation.

Ethena's price movements have largely mirrored Bitcoin's and the overall market, often creating liquidity around critical levels before executing both long and short positions. If this trend continues, another phase of consolidation around $0.238, followed by a substantial price movement, is very likely, albeit with the expectation of potential downside first.

Technical Health Overview

Currently, the On-Balance Volume (OBV) is trending down on both the daily and hourly charts, indicating ongoing selling pressure. Any recovery in ENA's prices appears to be met with selling.

Additionally, the Relative Strength Index (RSI) shows a strong downward trend, with previous small rallies failing to change this direction.

Support and Resistance Levels for Ethena

As of now, $0.238 and $0.218 are significant support levels. If the price drops below $0.218, a downward movement is anticipated, targeting the range of $0.184 to $0.192.

In the short term, a bounce back to $0.25 might be feasible due to some overhead imbalance. If it can surpass $0.258, the next target could shift to $0.295. The $0.359 level is another critical resistance point to monitor.

Concluding Thoughts

Disclaimer: The information in this article should not be considered as financial, investment, trading, or other types of advice and reflects only the writer's perspective.