Ethena (ENA) continues to trade near its historical lows after an extended corrective phase, reflecting both token-specific weakness and broader caution across the cryptocurrency market.

ENA is currently priced around $0.11, aligning with a presumed long-term support zone that has acted as a floor in recent sessions. While downside pressure has dominated in recent months, stabilization at current levels suggests the market may be attempting to form a base.

Ethena technical analysis

ENAUSD - 1 Week Time Frame

From a structural perspective, $0.11 represents immediate support, marking the lower boundary of the current range. Price compression near this zone often precedes either a breakdown or an impulsive recovery, making it a technically sensitive area.

On the upside, the first meaningful hurdle stands at the $0.20 support-resistance (S/R) level. This zone currently acts as resistance, yet it previously functioned as a regularly tested support throughout late 2024 and much of 2025. A reclaim of $0.20 would indicate a shift in short-term market structure and could attract renewed participation.

Above that, $0.40 forms the key resistance level, aligning with prior distribution and heavier sell-side activity. Acceptance above $0.20 could unlock buy-side liquidity and potentially set the stage for a broader recovery toward this higher resistance area.

Ethena price target

In a constructive scenario, continued defense of the $0.11 support could allow ENA to consolidate and gradually attempt a move toward $0.20. A decisive break and hold above this S/R level may increase bullish momentum and bring $0.40 into focus as the next technical objective.

However, failure to sustain current support would weaken the recovery narrative. In that case, ENA may continue to oscillate between $0.11 and $0.20, reflecting range-bound conditions. Broader market volatility or renewed risk-off sentiment could also trigger further downward pressure.

At present, Ethena stands at a critical inflection point, where stabilization is visible but confirmation of a sustained upside move depends on reclaiming key resistance levels and improving overall crypto market sentiment.