Ethena price has been stuck in a downtrend for weeks now, but things might finally be getting interesting.
After a strong bounce off support, traders are starting to wonder, is ENA about to turn the corner? The charts are showing potential, but for a real spike to happen, a few key things need to line up.
What you'll learn 👉
ENA Price Still Trapped in a Downtrend Channel
On the 1-hour chart shared by Open4profit, ENA is clearly trading inside a descending channel, with lower highs and lower lows defining the move. That means the overall trend is still bearish, at least for now.
The main resistance zone sits between $0.793 and $0.878. As long as ENA price stays below this upper boundary, bulls won’t have much control. But if the price can finally break above the channel, that would be the first real sign of strength and a possible trend reversal.
If that doesn’t happen, the opposite is likely, the token could slide back toward the lower end of the range, around $0.50, and continue the downtrend.
Short-Term Setup: Ethena Price Needs to Reclaim $0.5575
Zooming in, Cryptobyimran points out something worth noting. ENA price found strong support near $0.5528, where it bounced sharply from an oversold area. That’s the first glimmer of hope for bulls.
Now, the $0.5575 level has become the short-term battleground. If ENA can break and hold above that line, we could see a quick push toward $0.575, a small but meaningful recovery move. That would imply that momentum is starting to turn in buyers’ direction.
If the price fails to sustain above $0.5575, however, we could be seeing another drop to $0.5528. And if that support breaks, all eyes go back to $0.50 as the next target for bears.
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What Needs to Happen for a Real Breakout
All now depends on whether ENA can break out of its downtrend channel. The formula is as easy as this: Support at $0.5528, break and close above $0.5575, target $0.575, then $0.60.
That would be the beginning of a true bullish reversal. If this momentum carries on from there, ENA price can start aiming at broader ranges of $0.793 and $0.878, the key resistance levels that capped its recent rallies.
For now, though, it’s waiting patiently. The build-up hasn’t yet turned, but the setup is on. If bulls receive a boost shortly, a huge spike is in the waiting.
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