Ethena Holds Above $0.21 Support Amid Bearish Trend

Ethena (ENA) is currently in a consolidation phase, trading just above a crucial support zone at $0.21. This support zone has historically been a trigger for counter-moves, and if it holds, it could pave the way for another rally within the established trading range. The broader trend for Ethena remains bearish, with the 200-day moving average acting as dynamic resistance, capping any bullish attempts.

ENA has been trading within a defined range, with recent price action rejecting from the value area high and moving back down toward the value area low. The current price is hovering just above this lower boundary, indicating that the range structure remains intact. The $0.21 support zone is significant as it is just below the previous swing low and aligns with long-term support levels. A brief dip below this zone followed by a strong reclaim could act as a bullish reversal trigger, especially if supported by increased volume and momentum.

However, the 200-day moving average continues to slope downward, exerting pressure on the price and reinforcing the bearish structure. Unless ENA can flip this moving average and break the structure with conviction, any upside is likely to remain within the current range. Traders should focus on the oscillation between high time frame support and resistance, as this range still offers rotational setups. A confirmed breakdown below $0.21 with no reclaim could trigger further downside, while a reclaim above this key level would suggest buyers are stepping in to defend the trend.

In the coming price action, ENA remains within a clear trading range, with $0.21 acting as the critical line. A clean bounce from this zone could trigger a rotation toward the range highs. However, if this support fails, expect volatility and a potential trend continuation to the downside. For now, range trading remains the most likely outcome until the structure decisively breaks.