Ethena ([ENA](https://crypto.news/price/ethena/)) is trading near its yearly low, touching key support levels. This article examines the current market conditions and potential price scenarios.
Trading Range and Key Technical Points
Ethena (ENA) is range-bound between a support level of $0.21 and major resistance at $0.47. The current price is around $0.22, representing a critical decision point for both bulls and bears. The technical data indicates that the completed bearish rotation reflects a pivotal period for future price movements.
Volume and Market Conditions
The current trading volume is above average, which may indicate renewed interest from buyers. However, the market structure remains bearish. A shift in structure, such as a higher low followed by a breakout above the value area low, will be needed to confirm a bullish rotation.
Price Action Expectations
If ENA can hold support around $0.21–$0.22 and reclaim the low value area, a range-bound move towards $0.47 may start. Conversely, if this level cannot be defended, further declines towards previous swing lows are likely. Monitoring volume confirmation and structural changes will be crucial before taking aggressive positions.
In the current conditions, Ethena stands at a pivotal level. The future of its price action will rest on the bulls' ability to maintain support at $0.21–$0.22 and overcome the ongoing bearish structure.
