Analyst Predicts ENA Price Could Drop to $0.49 as Support Weakens

ENA broke below $0.56 support, flipping it to resistance; next key support is at $0.5428, then $0.485 if selloff continues.

Candlestick pattern shows lower highs/lows; bearish trend persists unless bulls reclaim $0.56 and $0.60 levels.

Broader outlook sees possible range between $0.50–$0.65, with strong support at $0.40–$0.35 if downtrend deepens.

Ethena (ENA) is under intense selling pressure as the price drops below a key support level. The asset has fallen past $0.55, a level that previously acted as a short term cushion. At press time, ENA was trading at $0.5523, ENA shows a 0.23% daily surge

The move is a continuation of the downtrend that started after the asset peaked near $0.68. With bearish momentum gaining ground, $0.49 level could be the next potential support.

Price Drops Below Dense Trading Zone Around $0.56

The volume profile shows that $0.56 had the highest concentration of recent trading activity. However, ENA breached that level and is now struggling below it. The breakdown has flipped $0.56 from support to resistance.

Candlestick patterns show lower highs and lower lows, confirming persistent downward momentum. The structure points toward short term weakness unless buyers step in soon.

ENA/USDT Perpetual Contract chart, Source: Ali on X

The price is testing $0.5428. If this level fails to hold, the next support is around $0.485. Immediate resistance levels are at $0.60 and $0.68, which were previous rejection points during the prior rally.

Chart Shows Bearish Moves, But Bounce Still Possible

The price movement after peaking near $0.68 has remained downward. The trend shows no confirmation of a strong reversal yet. However, a recovery from the current zone could see the asset retest $0.56. A push past that would lead to $0.60

If bulls regain control, further upside could challenge the $0.68 resistance. On the contrary, a sustained drop below $0.54 may push ENA towards $0.485. The support zone will be tested if selling pressure continues into the weekend.

Broader Outlook Suggests Possible Range Before Major Move

Market watcher CJ shared on X that a temporary recovery could come before another leg lower heading into September. He cited structural patterns suggesting a possible range bound movement between $0.50 and $0.65.

ENA/USDT Perpetual Contract 1-day price chart, Source: CJ on X

CJ emphasized that this scenario wasn't his initial expectation. However, recent weakness near key levels forced a reassessment of the broader outlook. Strong support is visible at $0.40 and $0.35, aligning with past consolidation zones. On the upside, a breakout above $0.75 could eventually lead toward $1.15.

ENA Holds at Key Support

Ethena continues to show weakness after losing support at $0.55. It now trades below the dense volume zone of $0.56. Bearish outlook dominates, with key levels at $0.5428 and $0.485 in focus. The market awaits either a bounce or further decline. Resistance zones at $0.60 and $0.68 still top any short term bullish attempts.

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