Bulls Target $0.65 as ENA's $0.55 Support Tests Bearish $0.35 Threshold

Ethena (ENA) has maintained a critical support level at $0.55 amid recent market turbulence, with technical analysts highlighting its significance in determining the token's near-term trajectory. According to Brave New Coin, ENA's price structure has tightened within this support zone, with a 24-hour gain of 1.88% outpacing the broader crypto market's 1.15% advance. A key 8-hour bullish buy signal triggered at $0.55 has drawn attention, suggesting potential for a reversal and a subsequent move toward $0.65–$0.80 if bulls sustain control. On the 2-day chart, ENA is consolidating above a critical support/resistance zone, with analysts noting strong bullish control and accumulation patterns Brave New Coin^[1].

Support and resistance analysis further underscores the importance of $0.55. NewsBTC's Ali Martinez, using the Cost Basis Distribution (CBD) model, identified three key support levels: $0.47, $0.44, and $0.35. The $0.35 level, in particular, is highlighted as the strongest support, with an estimated $1 billion ENA supply cluster. A breakdown below $0.47 could trigger a retest of $0.35, representing a potential 37.5% drop from current levels. Meanwhile, resistance is noted at $0.60, where a significant cluster of accumulation exists .

Technical indicators reinforce the cautious optimism. The 50-day EMA has acted as dynamic support during pullbacks, while the MACD and RSI on the daily chart show strengthening bullish momentum. However, short-term volatility remains a concern. Foreck.info notes that ENA's 4-hour chart is consolidating below resistance, with the white trendline providing crucial support. A break beneath it could shift focus to the 50 EMA as the next support level Foreck.info^[2]. The Fear & Greed Index at 65 indicates moderate risk appetite, though CoinCodex analysts project a cautious near-term outlook, forecasting $0.46 and $0.45 in the next five and 30 days .

Ethena's ecosystem developments add a bullish narrative. USDe, Ethena's synthetic stablecoin, has surpassed $6 billion in circulating supply, with estimates suggesting it could approach $9 billion, positioning it among the top three stablecoins globally. Partnerships like USDtb with Anchorage Digital and JupUSD on Solana aim to enhance regulatory compliance and liquidity growth. Additionally, a $360 million ENA buyback program via StablecoinX is expected to reduce circulating supply and stabilize the token long-term Brave New Coin^[1].

Risks persist, however. Large token unlocks, such as a recent $101 million event, have historically caused sell pressure, as seen in a 10% drop to $0.45. Regulatory uncertainty surrounding stablecoins and derivative hedging mechanisms also pose challenges. The Currency Analytics highlights a 10.81% decline in the last 24 hours, though a surge in investor interest-with addresses holding ENA rising by 238.94%-suggests growing confidence .

In summary, Ethena's immediate outlook hinges on maintaining control above $0.55 and confirming a breakout through $0.65. While technical indicators and ecosystem momentum favor a bullish scenario, traders must remain vigilant against short-term volatility and liquidity risks.