Ethena [ENA] declined 12.6% over 24 hours after a sharp two-week rally that saw the asset climb 118% and reach $0.295 on September 27, 2026.
The pullback came alongside increased market activity. Daily trading volume rose 37%, while Open Interest dropped 16%, suggesting traders were reducing their positions following the rapid gains.
Over the past three weeks, Ethena's spot volume indicators showed elevated trading conditions, with high rates of change in volume signaling potentially overheated market sentiment. Weaker price action in recent trading sessions pointed to distribution activity among holders.
Technical Structure Remains Bullish
On the daily chart, ENA's price structure maintained bullish characteristics. The $0.14 swing high from May was established as support in August, and the $0.263 swing high from January 2026 continued to be tested. On-balance volume (OBV) has steadily risen over the past two months, reflecting the surge in average daily trading volume since August.
The MACD indicator showed bearish momentum in recent sessions but remained above the zero line, indicating a bullish trend was still in effect.
Key Price Levels and Conditions
On the 4-hour timeframe, local support just under $0.20 has been maintained despite the recent retracement from higher levels. Before any recovery higher, the $0.190 zone is likely to act as a magnetic level that could attract further price action.
A sustained decline below $0.17, particularly if Bitcoin corrects below $80,000, could indicate panic selling and weak demand. Conversely, a breach of the falling trendline resistance would signal increased buyer participation in the market.
