Ethena (ENA) Price Today Hovers Near $0.371, Attempting to Stabilize Above Key Near-term Support

The Ethena (ENA) price action this week has been marked by high volatility. After a failed breakout above the $0.42 resistance, ENA reversed sharply, plunging over 12% within 24 hours.

Ethena (ENA) price today is attempting to stabilize above key near-term support at $0.371, slipping sharply from its weekly high at $0.42. The broader price structure remains trapped within a mid-range channel, with bulls now looking for technical confirmation of a local bottom near the $0.36–$0.37 demand zone. However, momentum indicators show signs of fatigue, suggesting any bounce may face immediate overhead friction from recent breakdown levels.

What’s Happening With Ethena (ENA)’s Price?

Ethena (ENA) price action this week has been marked by high volatility. After a failed breakout attempt above the $0.42 resistance, ENA reversed sharply, plunging over 12% within 24 hours. This decline not only breached its short-term ascending trendline but also sliced below the 20 and 50 EMA on the 4-hour chart, dragging the asset into a bearish short-term setup.

Currently, the price is consolidating between $0.36 and $0.38, a zone that aligns with the 0.382 Fibonacci retracement level and also sits near the lower Bollinger Band. This technical confluence makes it a key battleground for bulls hoping to avoid further downside.

Why Ethena (ENA) Price Going Down Today?

The reason behind the recent drop in ENA appears to be a combination of technical rejection and fading upside momentum. On the 4-hour chart, the RSI dropped below 50 following the breakdown and currently sits around 43, reflecting a loss of bullish momentum. Meanwhile, the MACD has just crossed bearishly, and the histogram shows deepening red bars, suggesting the short-term trend may continue to tilt downward unless a strong reversal emerges.

Adding to the bearish pressure, the Ichimoku Cloud on the 1-hour and 4-hour charts shows ENA trading below the conversion and base lines, with the cloud ahead turning red. This bearish crossover indicates continued selling pressure unless price action can reclaim $0.38–$0.39 quickly.

Technical Structure: Support and Resistance Zones in Focus

From a structural perspective, immediate resistance lies at $0.383–$0.399, which aligns with both the broken ascending trendline and the mid-Bollinger Band on the 4-hour chart. A clean break above this zone is essential for bulls to regain control. Beyond this, the next upside targets sit near $0.423 and $0.45, both of which are recent swing highs and Fibonacci resistance points.

On the downside, the $0.36–$0.365 region remains the most important support. This zone not only acted as a launchpad for ENA’s early-May rally but also corresponds with the 50% Fibonacci retracement level on the daily chart. A breach below $0.36 could open the door to a deeper retracement toward $0.335 and possibly even $0.30.

The weekly chart offers further context, with the asset still trading above the 50% retracement level ($0.3596), but momentum is weakening. As long as ENA holds this level, the broader bullish bias from earlier in May technically remains intact.

Momentum Indicators: Mixed Signals From RSI and Stoch RSI

While price is attempting a floor near $0.37, indicators remain mixed. The Stochastic RSI on the 1-hour chart is pointing upward from oversold territory, with values rebounding above 60, hinting at a short-term relief bounce. However, the daily MACD remains in a neutral stance, and the histogram shows a possible flattening.

The Chande Momentum Oscillator is also bouncing near zero, indicating that momentum is trying to stabilize but lacks strong conviction. Traders may want to wait for confirmation in the form of a bullish crossover or a decisive move above the trendline before entering fresh long positions.

Short-Term Outlook for May 25

Heading into May 25, the Ethena (ENA) price update shows signs of basing near $0.37, but the absence of bullish follow-through keeps risk elevated. For bulls, the key objective will be to reclaim $0.383 and break through $0.40 resistance to confirm a short-term bottom.

If sellers push the price below $0.36 with volume, the next supports to watch will be $0.335 and $0.30. This would not only erase May’s rally but potentially trigger further liquidation from weak hands.

For now, price action remains neutral-to-bearish with corrective undertones unless ENA reclaims its trendline resistance and short-term moving averages.

Ethena (ENA) Short-Term Forecast: Key Levels