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

Ethena [ENA]  fell to a low of $0.235 on Monday after Bitcoin [BTC] momentarily dropped under the $84k-mark. Since then, Bitcoin has bounced by 3% in 12 hours, however ENA was solely up 1.28% over the identical interval.

This can be a warning of an absence of relative power and an absence of Ethena patrons available in the market. Sentiment appeared lukewarm at finest, and losses appeared extra doubtless than any significant restoration within the brief time period.

The 2 timeframes – Mapping the place Ethena stands

Supply: ENA/USDT on TradingView

ENA was again on the $0.238 help that it had examined in late June. Again then, a two-week consolidation round this help stage was adopted by a rally past $0.8 by August.

For a similar state of affairs to repeat itself, market sentiment must grow to be bullish. A risk-on perspective in the direction of crypto and particularly altcoins is required. On the time of writing, this didn’t appear doubtless. The truth is, ENA’s bearish construction on the every day timeframe is more likely to persist.

Supply: ENA/USDT on TradingView

The 1-hour chart exhibited some fascinating habits over the previous two weeks. Consolidation phases have been marked in purple on the chart above. One was a channel, one other was a tough triangle.

The worth motion has been following Bitcoin and the broader market, and likes to construct liquidity round key ranges earlier than searching each longs and shorts down. Thereafter, the true impulse transfer can start.

If this have been to occur once more, a consolidation round $0.238, adopted by the following impulse transfer, is extremely doubtless. Primarily based on the construction, extra draw back could also be anticipated subsequent.

Technical well being examine

On each the every day and hourly timeframes, the OBV has been trending downwards. It signified the persistent promoting strain. Any bounce in ENA costs is for promoting.

The RSI mirrored a powerful downward development, which the temporary rallies have been unable to interrupt.

Ethena flooring and ceilings to observe

$0.238 and $0.218 have been key help ranges at press time. Shedding $0.218 would point out that the following downward transfer is inbound. At that time, the goal can be $0.184-$0.192.

Within the subsequent few hours, a bounce to $0.25 may be attainable, given the imbalance overhead. If this bounce can push previous $0.258, the following short-term goal can be $0.295. The $0.359-level is one other swing stage that may very well be a notable resistance.

Last Ideas

• ENA was on the help it final examined in June, however the market sentiment was far more pessimistic this time, which meant merchants ought to anticipate the downtrend to proceed.
• Merchants ought to be cautious of those liquidation hunts, each of lengthy and brief positions.

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion