- ENA has been testing a crucial support level at $0.4847, while potential resistance levels are seen at $0.5126 and $0.5657.
- The increase in new addresses indicates a growing investor confidence, which could support ENA in its potential comeback.
Ethena [ENA] has exhibited signs of a possible reversal as multiple buy signals from the TD Sequential indicator have emerged on the 4-hour chart, hinting at a shift in momentum.
Currently, ENA is trading at $0.4882, reflecting a 10.81% decline in the last 24 hours.
Despite the significant drop in price, technical analysis suggests the potential for a rebound.
Price Movement and Resistance Levels: Can Ethena Breakthrough?
ENA’s price action has been struggling, breaking through several support levels recently. The token is currently testing a critical support level around $0.4847, a key price level.
If this support holds, ENA could reverse its downward trend and aim for resistance levels at $0.5126 and $0.5657.
However, failure to maintain this support could lead to consolidation or further downside for ENA.
Source: TradingView
Increase in Addresses: What’s Fueling the Demand?
ENA has witnessed a surge in the number of addresses holding the token. New addresses holding ENA have risen by 238.94% in the past week, indicating a growing interest in the token.
Active addresses have also increased by 97.84%, suggesting that investors are holding onto their positions rather than engaging in frequent trading. This uptick in addresses could provide strong support for ENA at lower price levels.
The data implies that investor confidence is on the rise despite the current downtrend.
Source: IntoTheBlock
Transaction Analysis: Insights into Market Activity
A closer look at the transaction data reveals a noticeable shift in transaction volume across different price ranges.
The majority of transactions are occurring between $0.00 and $1k, indicating active participation from smaller investors.
Interestingly, there has been a significant decrease in transactions for higher amounts, suggesting limited interest from larger investors at the current price level.
This could imply that retail traders are supporting ENA’s price, while institutional involvement remains subdued for now.
Source: IntoTheBlock
How are ENA Investors Positioned?
The In/Out of the Money chart indicates that a majority of addresses are currently in profitable positions, with 69.66% of holders in a profitable zone.
However, 10.18% of investors are still in a loss-making position, suggesting significant resistance ahead. Therefore, if the price of the coin approaches the range of $0.5126 to $0.5657, it could encounter selling pressure as these investors aim to break even.
Source: IntoTheBlock
Will ENA Rebound or Continue its Downtrend?
ENA has the potential to bounce back if it can maintain support at current levels and break through key resistance levels.
The positive increase in new addresses and the recent buy signals from the TD Sequential indicator point towards a potential upside.
Read Ethena’s [ENA] Price Prediction 2025-26
Therefore, ENA could experience a turnaround towards $0.5126 and higher if momentum strengthens. However, traders should exercise caution, as a failure to hold support could lead to further downside.
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