Ethena just woke up a little, and traders are starting to show interest. After spending most of November sliding from around $0.52 down toward $0.23, the ENA price finally looks like it’s trying to shift direction.
The ENA chart has been pretty dull for weeks, but that might be changing. That’s because analyst Ali Martinez spotted something interesting: a TD Sequential buy signal just popped up on the 3-day chart.
For technical traders, that indicator usually indicates the downtrend may be running out of energy and a reversal could be on deck. It’s not a guarantee, but historically, ENA has reacted well to similar signals, especially after extended selloffs like this one.
What you'll learn 👉
ENA Is Finally Challenging Its Downtrend
There’s more to the story than just one signal. The ENA price is now pressing against a major descending trendline, the same one that has rejected price multiple times since late October.
Clifton FX pointed out that the token is trying to break above that line on the 4-hour chart, and that alone has traders paying attention.
Clifton says that if ENA manages a clean breakout and holds above it, the move could spark a 50% to 70% rally, potentially pushing the ENA price toward the $0.35–$0.38 range.
That zone acted as support earlier this month before turning into resistance, so it makes sense as a possible target if momentum shifts.
For now, though, ENA still needs to prove it. Pressing against the trendline is one thing, closing above it with strength is another.
Support Is Still Holding and That’s Encouraging
Part of the renewed optimism comes from where ENA recently bounced. The ENA price dipped to around $0.2140 and held steady there, which has been a reliable support level multiple times this quarter.
Each time the price tested that area, buyers stepped in and prevented a deeper drop. That usually signals that demand still exists, it’s just been waiting for a reason to return.
Read Also: The Hidden Trigger Behind the October 10 Crypto Crash, Explained
Volume also looks steadier now, which hints that panic selling has cooled off. When the ENA price stops making new lows and trading activity levels out, the market often starts building a base. If ENA begins forming higher lows from here, that would strengthen the bullish argument.
What’s Next for ENA?
Nothing is confirmed yet, and that’s important. The ENA price still has to break above the trendline, reclaim resistance, and show follow-through.
A strong daily close would go a long way toward building traders confidence. Without that, any bounce could fade quickly.
Still, the setup looks better than it has in weeks. A fresh buy signal, improving structure, and growing interest from analysts have put ENA back on watchlists.
Whether this turns into a bigger run or just a short-term bounce, one thing feels clear, Ethena isn’t being ignored anymore.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
