Ethena’s ENA Remains Bearish Despite New Partnerships – Pay Attention to THIS Zone!

Ethena Labs has recently partnered with Kraken, a well-known centralized exchange, to enhance asset custody for USDe. However, despite these announcements and the launch of JupUSD on the Solana network, the ENA token continues to be under bearish pressure, failing to see significant price appreciation.

Key Takeaways

Ethena Labs has partnered with Kraken to enhance USDe asset custody.
New launches, such as JupUSD on Solana, have not boosted ENA prices.
The current ENA price trend remains bearish despite some recent upticks.
Traders should consider selling any bounce towards the $0.24 mark.

Ethena developments offer little relief for bearish ENA price action

Continued Bearish Trend for ENA

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

The one-day chart indicates that a bullish trend is not established. After a brief relief rally at the beginning of January, recent losses have shown that bears continue to dominate the overall market.

Additionally, the A/D indicator has been on a steady decline since September 2025, when ENA token prices encountered strong resistance at the $0.85 supply zone. This indicates that selling pressure remains prevalent. Although there was a recent bounce to $0.26, which temporarily suggested an uptrend, the subsequent correction has placed the indicator in a state of indecision.

This implies that while the bearish momentum is not as pronounced as it was last October and November, it still does not favor bullish movements.

Factors Needed for ENA Bulls to Break Free

The recent updates have had minimal impact on long-term price behavior. For ENA to gain momentum, there needs to be a broader bullish sentiment in the market, potentially sparked by Bitcoin (BTC) surpassing the $100k mark.

Traders' Recommendations – Sell on the Bounce

While selling on price bounces can be advantageous, it carries risk if Bitcoin bull trends push prices above the $94.5k resistance level.

However, based on current market data, ENA traders can consider selling any rebounds towards $0.24, which aligns with the longer-term downtrend.

ENA Liquidation Heatmap Source: CoinGlass

The latest price drop to the $0.217-$0.213 range triggered a series of long liquidations and then bounced to $0.22. To the north, a significant cluster is forming at $0.228 and slightly above $0.24. Traders might use a bounce towards either of these liquidation zones to short the market, with $0.24 being the more probable point for a bearish response.

Targets for this strategy would focus on the $0.21 zone, with an invalidation point set above $0.25.

Final Remarks

Disclaimer: This information is not financial, investment, trading, or other types of advice and solely reflects the author's opinion.