On the 4-hour chart, Ethena (ENA) is at an important technical area where a horizontal support zone is being tested. This is a level traders are closely watching to understand if it can hold price.
Support Level and Current Market Position
The ENA/USDT chart shows price action consolidating at a support level, which has previously served as a reliable base for upward movements. Sustaining current price levels will be crucial for near-term momentum.
Alpha Crypto Signal noted on social media that if ENA holds here, it could lead to a price increase. However, a loss of this level may open the possibility for deeper declines.
Technical Structure and Moving Averages
The chart structure reveals a rounding top pattern, often indicating waning bullish pressure over time. The price peaked around $0.85 before gradually declining.
Short-term dynamic resistance comes from the 50-period SMA at $0.7496 and the 9-period EMA at $0.7179. These moving averages align with the upper boundary of the recent decline, adding pressure for any upside attempts.
Volume Context and Price Dynamics
Trading volume over recent sessions has remained steady but below breakout levels, indicating measured participation. A dramatic upswing in volume would likely be needed to create lasting sustainable force in either direction.
ENA trades at $0.7105 with a 1.68 percent decrease in the last 24 hours and a 6.07 percent loss over the past seven days. These numbers highlight the significance of the current test in terminating the temporary bearish grip.
If the support does not hold, the nearest negative target would be around the level of $0.65. However, a bounce in this case would rebuild confidence among buyers and establish conditions for another test of its previous peaks.
