Ethena (ENA) Tests Critical $0.212 Support as Market Eyes Potential Range Rebound

TLDR:

• ENA is retesting the $0.212 weekly support, a level that has historically absorbed heavy selling pressure.
• Holding above $0.212 keeps ENA within its long-term range, with $0.505 acting as the mid-range pivot.
• Daily price action shows compression near $0.21, suggesting seller exhaustion rather than renewed downside momentum.
• A weekly close below $0.212 would invalidate the range structure and open the door to lower price discovery.

Ethena ENA price analysis centers on a decisive technical zone as market participants monitor whether current support can stabilize price action. 

Ethena’s ENA token has retraced sharply from its earlier highs and is now trading near levels associated with historical buyer response. Analysts point to $0.212 as a defining area that may determine near-term direction.

While broader momentum remains muted, price behavior suggests the market has entered a post-capitulation phase marked by compression rather than acceleration.

Weekly Structure Defines the $0.212 Support Zone

On the weekly chart, ENA trades at the lower boundary of a wide, established range. This structure frames current price action as a test of long-term support rather than an extension of trend weakness.

Market data shows repeated historical reactions near $0.212. Each prior visit absorbed sell pressure and produced upside movement, reinforcing its role as a demand zone.

The range structure remains clear, with $0.212 acting as the floor and $0.505 serving as the central pivot. Upper resistance remains well above, near $0.782.

Ali Charts referenced this setup in a recent post, noting that holding $0.212 keeps a rebound scenario toward $0.505 technically valid.

Price behavior near this level reflects capitulation characteristics rather than steady distribution. Sharp declines followed by compression often mark exhaustion phases within broader ranges.

Weekly closes remain the key variable. As long as price does not settle below $0.212, acceptance of lower value has not occurred.

Failure would change structure entirely. A decisive close beneath support would remove historical reference points and expose the chart to lower price discovery.

Until that happens, the weekly framework continues to define $0.212 as the primary battlefield between buyers and sellers.

Daily Timeframe Shows Stabilization After Full Cycle

On the daily chart, ENA has completed a full market cycle, moving from accumulation into expansion, then distribution and decline.

Earlier in the year, ENA rallied impulsively toward the $0.80 region. Momentum indicators confirmed trend strength during that advance.

That structure weakened as continuation failed. Distribution developed near highs, followed by a breakdown below mid-range support levels.

From October onward, price entered a controlled downtrend. Lower highs formed, while relief rallies remained shallow and brief.

Currently, daily candles show overlap and reduced range near $0.21. This behavior suggests fading selling pressure rather than renewed downside aggression.

Source: TradingView

Momentum indicators support this view. RSI hovers near neutral levels, while MACD compression points to slowing bearish momentum.

Ali Charts noted that stabilization above $0.212 allows for basing and potential accumulation. The focus remains on holding this zone.

A breakdown would shift the narrative toward deeper downside. For now, daily structure aligns with weekly support holding attempts.

Ethena ENA price analysis remains centered on structure rather than sentiment, with $0.212 continuing to define directional risk.