Ethereum News Today: Ethena Tests Key Support at $0.35 Amid Broader Market Downturn

Ethena (ENA) has recently drawn attention from on-chain analysts and traders as the token’s price approaches key support levels amid a broader market downturn. Recent data shows that ENA is testing a crucial support zone at $0.3487, where 2.71 billion tokens were accumulated on-chain, suggesting strong buyer interest at lower price levels [1]. This level, located 41.3% below the current price of $0.5429, may act as a firm floor if the selling pressure continues [2]. The accumulation cluster at $0.35 further indicates confidence among long-term holders, reinforcing the likelihood that buyers will remain active during corrections [1].

In addition, a significant accumulation zone exists at $0.6043, with 108.13 million ENA tokens purchased just above the current price. This level represents a potential resistance area and reflects optimistic buying behavior above the spot price [2]. Analysts have noted that if ENA can reclaim the $0.60 level and move above $0.66, the token could see further gains toward $0.70 and $0.75 [1]. However, the immediate support levels to watch include $0.52, $0.50, and $0.47, with $0.35 and $0.44 considered long-term stabilizing points based on the distribution of wallet costs [2].

Technical indicators also suggest that ENA may be nearing a short-term rebound. The Relative Strength Index (RSI) has dropped to 31.49, indicating an oversold condition, while the Moving Average Convergence Divergence (MACD) is approaching a potential crossover [2]. The current price of $0.5404 is being tested, with volume in the last candle showing 908.07K tokens traded. The weak momentum in this zone suggests that any bounce may be limited unless buying interest intensifies [2].

Despite the bearish on-chain signals and broader market pressures, Ethena has demonstrated resilience. The token’s recent price action reflects strategic accumulation, with inflows into the platform’s ecosystem showing signs of strengthening. However, the broader crypto market remains volatile, with Ethereum (ETH) slipping below $3,500, contributing to a general bearish sentiment [1]. Ethena has also fallen about 2% in the same period, adding to the mixed signals for traders [4].

Institutional players have also taken defensive positions, as seen in the recent liquidation of $13 million worth of crypto assets, including ENA, by Arthur Hayes, co-founder of BitMEX. This move, tied to expected U.S. tariff impacts, has been interpreted as a sign of caution among larger market participants [6]. Such actions could amplify downward pressure on ENA and other altcoins in the short term, especially if broader economic uncertainties persist.

Long-term fundamentals for Ethena remain intact, with the platform continuing to gain traction in the real-world assets (RWA) space. Ethereum dominates the RWA segment at 83.69% market share, and Ethena’s integration into this ecosystem could position it for further growth [7]. The increasing adoption of Ethena’s stablecoin, USDe, also reflects growing interest from both retail and institutional investors [3].

Looking ahead, traders are closely monitoring the $0.50–$0.55 range as a key decision point for ENA’s near-term direction. A decisive move above this zone could trigger renewed bullish momentum, while a break below it may lead to further consolidation or deeper corrections [1]. With the market in a state of flux, investors are advised to closely track on-chain activity and macroeconomic developments, particularly those related to U.S. policy and global market conditions.

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Source:

[1] Mitrade, [https://www.mitrade.com/insights/news/live-news/article-3-1007538-20250803](https://www.mitrade.com/insights/news/live-news/article-3-1007538-20250803)

[2] CoinMarketCap, [https://coinmarketcap.com/community/articles/688efc015da9721456e94e89/](https://coinmarketcap.com/community/articles/688efc015da9721456e94e89/)

[3] Binance, [https://www.binance.com/en/square/news/ethereum-news](https://www.binance.com/en/square/news/ethereum-news)

[4] FastBull, [https://m.fastbull.com/news-detail/ripple-xrp-price-predictions-for-this-week-news_6100_0_2025_3_6352_3](https://m.fastbull.com/news-detail/ripple-xrp-price-predictions-for-this-week-news_6100_0_2025_3_6352_3)

[6] XT.com, [https://www.xt.com/en/blog/post/arthur-hayes-dumps-millions-in-crypto-amid-bearish-bet-on-u-s-tariff-impact](https://www.xt.com/en/blog/post/arthur-hayes-dumps-millions-in-crypto-amid-bearish-bet-on-u-s-tariff-impact)

[7] Mitrade, [https://www.mitrade.com/insights/news/live-news/article-3-1006941-20250802](https://www.mitrade.com/insights/news/live-news/article-3-1006941-20250802)