Ethena’s ENA Eyes Reversal as Market Closes In on Downtrend Barrier

Andrew Chen
Ethena Labs

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  • ENA holds strong support at $0.2347 despite a weekly decline.
  • Price is compressing directly under a month-long downtrend line.
  • A breakout could target a measured zone 50–70% higher.

Ethena’s ENA token spent the week compressing into a narrow trading band, signaling a potential shift in momentum after a steady month-long decline. With price action now edging toward a major 4-hour downtrend line, traders are watching closely for clues on whether ENA’s next move will extend the downturn—or attempt a clean break higher.

Downtrend Remains Intact, but Price Action Narrows

ENA traded around $0.2402 following a 15.2% weekly dip, yet the token managed to defend its critical $0.2347 support, a level repeatedly tested through several intraday swings. The 4-hour chart shows ENA moving directly beneath a descending trend line that has capped every rebound attempt throughout the month.

Even so, recent candles pushed closer to this resistance, creating a tight squeeze between support and trend pressure. This alignment gives traders a clearer technical picture: ENA is approaching an inflection point where momentum could shift quickly.

Support Zone Holds as Market Tracks Short-Term Structure

Despite the broader decline, ENA maintained stability within a $0.2347–$0.2482 range during the past 24 hours. This confined movement reinforced the reliability of the support level while highlighting a lack of decisive direction. The consistency of the range suggests traders are waiting for a breakout signal rather than forcing volatility.

This compression has effectively tied short-term movements to the broader weekly structure, indicating that any move above the trend line—or below support—could trigger a notable expansion in volatility.

Measured Upside Zone Emerges if Trend Line Breaks

The 4-hour chart also identifies a potential upside area hovering 50–70% above current prices, an area marked as a measured target should ENA break through the descending trend line. While speculative, the region aligns with previous reaction zones and provides a technical roadmap if buyers regain control.

Also Read: 3 Major Token Unlocks to Watch in November: Ethena, MEME, and MOVE Release Over $312M in Supply!

If ENA clears the boundary convincingly, this upper region becomes the next logical reference for momentum traders.

With support holding firm and price now pressing the trend line, ENA is approaching a critical juncture. Whether the token breaks out or continues its downtrend will define its next major move—making the coming sessions pivotal for traders tracking Ethena’s market structure.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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