Ethena price has been drifting lower after several choppy trading sessions, giving back earlier gains as selling pressure returned. The token is down 5.74% over the past 24 hours, while the weekly change shows a 2.48% decline, and it has remained locked near $0.23, failing to push beyond $0.24. A sharp but short-lived rally on January 14 saw ENA rise about 7%, but the move did not hold as momentum faded and profits were taken. Since then, price action has been quiet, consolidating rather than trending.
On January 14, Upbit and Bithumb announced the listing of Ethena’s synthetic stablecoin USDe, sparking the initial surge. Arthur Hayes publicly backed the move, projecting a $1 price target for ENA, but the upside proved short-lived as selling pressure overwhelmed early bids. This pattern—rallies driven by fundamental news that fade in bear markets—helps keep ENA in a tight trading range despite occasional spikes. Ethena remains in a critical long-term demand zone between $0.20 and $0.24, a band historically inviting aggressive buying, with Rose Premium Signals identifying this as a smart money accumulation area and suggesting upside toward targets of $0.85 and $1.32, while World of Charts notes ENA is testing a significant descending trendline that could trigger a relief rally.
Current technical indicators present a mixed outlook: the daily RSI sits near neutral at 50.1, while the Stochastic RSI is indecisive around 54.9. The MACD has recently flipped to a buy, yet most moving averages point to caution, with ENA trading below its 10-, 50-, and 100-day SMAs and finding immediate support at the 20-day EMA near $0.2308. Overall, the price remains near the $0.23 level, with potential upside if support holds and a breakout of the descending trendline occurs.
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