Ethena Recovers from December Lows – Will ENA Sustain Above $0.24?

Ethena recently launched JupUSD, a new stablecoin on the Solana network, which has contributed to a positive sentiment around ENA prices. Despite being in a bearish long-term trend, recent developments provide hopeful signs for traders. This article evaluates the current market position of Ethena (ENA), including key support levels and potential future movements.

Key Takeaways

Ethena launched JupUSD on the Solana network, positively impacting ENA prices.
The price of ENA has found support at $0.238, after previously coiling under $0.218.
Trading indicators like OBV are reflecting increased buying pressure.
The $0.23-$0.25 support zone is crucial for sustaining bullish momentum.
A retest of the $0.24 level could present a buying opportunity for traders.

Ethena Bulls Reclaim Key Support Following New Stablecoin Launch

Ethena's Bullish Momentum Reclaims Key Support

Ethena 1-day Chart Source: ENA/USDT on TradingView

Recent price action illustrates that bulls in the Ethena market (ENA) are starting to regain control. While the long-term trend remains bearish, there have been encouraging developments. In December, ENA prices stabilized below the local resistance of $0.218. As the new year began, a breakout occurred, allowing ENA to shift the $0.238 level into a support zone.

The On-Balance Volume (OBV) has shown an increase in buying pressure recently, although it remains below December's highs. Additionally, the Moving Average Convergence Divergence (MACD) is nearing a bullish crossover above the zero line, indicating potential momentum changes.

Evaluating the Bearish Case for ENA

This scenario is deemed less likely, as the $0.23-$0.25 range has been a significant support area since June 2025. This zone was tested in November and held, even though prices dipped below it afterward. If Ethena bulls can maintain support in the upcoming week or two, the market sentiment is expected to stay positive.

Furthermore, reports indicate that USDe is experiencing significant outflows, more than other stablecoins, which could influence trading dynamics.

Traders' Opportunities – Observing Price Action

Ethena 1-hour Chart Source: ENA/USDT on TradingView

The hourly chart highlight $0.24 as a short-term demand zone, suggesting that a retest could offer a buying opportunity. A fall below $0.23 would invalidate this trading setup. For traders, the focus might shift toward the $0.266-$0.280 range for profit-taking, with further resistance levels at $0.30 and $0.36.

Ethena Liquidation Map Source: CoinGlass

The Liquidation Map indicates that ENA may not immediately dip to $0.24. Instead, there is potential for a liquidity hunt reaching $0.261 before a subsequent decline to the $0.23-$0.24 area, which might provide an additional buying opportunity.

Final Thoughts

Disclaimer: The information provided does not constitute financial, investment, trading, or other forms of advice and represents solely the writer's opinion.