Ethena (ENA) Defends $0.37 Support Level, Signaling Potential Price Recovery

Key Takeaways

• Ethena (ENA) trades inside the $0.37 support area.
• The ENA price has fallen by 72% since its cycle high.
• Can Ethena begin a trend reversal at the $0.37 support?
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Ethena reached its all-time high the week after launching in April 2024. However, the Ethena price has fallen since, creating a lower high in December before accelerating its downtrend.

Last week, ENA almost broke down from the $0.37 support area, risking a decline to a new all-time low. However, it prevented the breakdown with a bounce.

Let’s analyze the chart and see if Ethena can build on this bounce or if it is doomed to fall to new lows.

ENA Returns to Support

The daily time frame shows that ENA has fallen since its cycle high of $1.33 in December 2024. The price created a lower high in January 2025, accelerating its downward movement toward new lows.

The ENA decline led to a low of $0.337 on March 4, seemingly causing a breakdown from the $0.37 horizontal area, the final one before a new all-time low.

However, the Ethena price bounced shortly afterward, reclaiming the area. Such deviations are often followed by upward movements, which ENA has not confirmed yet.

Nevertheless, technical indicators predict a bullish trend reversal. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have both generated bullish divergences (orange), something that often preceded upward movements.

The RSI must cross above 50, while the MACD must surpass 50 to confirm this reversal.

ENA Price Bounce Incoming

Ethena’s wave count is still unclear, giving two options for its future movement. Since both predict a bounce, the short-term Ethena prediction is bullish.

The bullish count suggests the decline since the cycle high is part of an A-B-C corrective structure (black). If this is the correct count, the decline will end, and ENA will soon increase.

The ensuing upward movement could take ENA to the $0.82 resistance, created by a Fibonacci and horizontal area.

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Ethena’s bearish count suggests the decline is part of a five-wave downward movement. If this is the correct count, ENA is currently in wave four of this five-wave downward movement.

The Ethena price could increase to the 0.382 Fibonacci resistance at $0.70 before falling.

So, both counts predict a short-term bounce, but the extent of the bounce differs depending on which is correct.

Once ENA reaches $0.70, the price action can help determine which count will transpire. This count is less likely because of the extreme elongation of wave C relative to wave A.

Alternatively, a decisive breakdown below the $0.37 horizontal support area will invalidate the positive counts. If that happens, the ENA price could quickly fall to a new all-time low.

$0.37 Support Holds

The ENA price has struggled in 2025 but has still managed to prevent a breakdown from the $0.37 horizontal support area.

Indicator readings suggest a bounce will occur, taking the ENA price toward $0.70. The reaction once it reaches that level will help determine the future trend.