Ethena (ENA) Holds Key Support: Is a Rally to $0.50 on the Horizon?

• Ethena (ENA) shows resilience at key support, signaling potential for a bullish reversal.
• Major whale accumulation boosts market attention and speculation on ENA’s next move.
• Technical indicators highlight strong support levels, suggesting a possible rally ahead.

Ethena (ENA) is moving in a downward direction, with a depreciation in its value due to volatile market conditions. The token is currently trading at $0.2425, with a dip of 11.48% over the last 24 hours.

However, the crypto analyst Lookonchain revealed that a mysterious whale has made waves in the crypto market by buying ENA. The investor withdrew 13.11M USDC from Binance and Bybit, then deposited 6.6M USDC into Hyperliquid to execute the purchases. So far, the whale has spent 5.1M $USDC to acquire 17.76M $ENA at an average price of $0.2874 per token.

Source: X

The attention of traders has been drawn by this action, as it is considerable for a giant whale buying that can demonstrate possible bullish power. It has been observed that this action may affect liquidity and volatility in small markets like Hyperliquid. Retailers are advised to be careful in spite of intense action in the markets.

Also Read: Ethene (ENA) Price Analysis: Bullish Wedge Pattern Targets $1.20 Breakout

Ethena (ENA) Price Drops Below Key Fibonacci Levels

The weekly chart for Ethena (ENA) displays an obvious downtrend. It topped out around $0.87 and headed lower in an abrupt manner. ENA has already dropped below the 0.618 retracement (around $0.4708) and is near the 1.0 level (around $0.2228), meaning that it has fully reversed the trend and is trending lower.

Source: TradingView

Price dropped shortly below $0.20 but recovered, establishing an area of support at around $0.24. If this point is breached, ENA may slide further to the ranges of $0.15 and $0.10, while any possible upside may encounter resistance at Fibonacci supports of $0.32, $0.47, and $0.55, which are vital points in case of possible upward momentum.

Ethena (ENA) Holds Key Support and Eyes $0.50 Rally

Moreover, the crypto analyst Ali highlighted that Ethena (ENA) has returned to a crucial support level, showing early signs of stabilization after a period of recent volatility. Traders and investors are closely monitoring this zone, as holding this level is essential for preventing further downside pressure. How the market reacts here could play a decisive role in shaping the next short-term trend.

Source: Ali

If this support can be maintained on the side of ENA, there is vast potential for a rally towards the $0.50 level. Buying interest can attract traders towards taking early positions in the market. Observers are closely monitoring the token in order to assess whether a possible rebound will be witnessed in the coming sessions.

Also Read: Ethena (ENA) Poised for Major Breakout With the Bulls Targeting $1.30 Resistance