Here’s Where Ethena (ENA) Price Could Go Next* Ethena has just emerged out of a bear flag, but whether it has legs to stand on or if further downside can be expected is now in question.
* The recent bounce has been a weak one, which shows a measure of restraint on the part of traders who are holding out for further signs.
* On-chain data points to stabilization, not strong buying, which keeps ENA in a wait-and-see phase for now.
When you zoom out and look at Ethena’s recent price action, it’s clear the market isn’t panicking anymore, even after a sharp breakdown.
The ENA price didn’t drift lower slowly. Once the bear flag broke, the price dropped fast, falling more than 30% in a short span. That move wiped out late buyers and cooled off the optimism that had built up during consolidation. Since then, though, the tone has shifted. Instead of continuing lower, the market looks like it’s taking a pause.
Over the past few sessions, the ENA price has been hovering around the $0.2000–$0.2100 area. This is the first zone where selling pressure has clearly slowed after the breakdown.
The price isn’t cascading lower anymore, and dips into this range are getting absorbed more quickly. That indicates sellers are losing urgency, even if buyers aren’t stepping in aggressively yet.
That matters. After slicing through multiple support levels during the selloff, this is the first place where the market seems willing to stabilize instead of accelerate lower. It doesn’t mean a bottom is in, but it does suggest the market is digesting the move rather than reacting emotionally.
On-chain data supports that view. ENA’s market cap stopped falling sharply once the price reached this area and has moved mostly sideways since. Capital isn’t rushing out anymore, even if fresh inflows haven’t arrived.
What’s next for Ethena?
The main challenge remains overhead resistance. The ENA price continues to stall near $0.2160 on the daily chart.
Every bounce so far has failed before reclaiming that level, keeping the broader trend intact. Until that zone is cleared and held, upside moves are better seen as relief bounces, not true reversals.
For now, ENA remains in wait-and-see mode. The damage has already been done, and what the market needs next isn’t hope, but confirmation.
