Ethena (ENA) Price Dropped 13%, Will it Drop Further?

• ENA corrected 73% from December highs of $1.31 to current levels around $0.36.
• RSI at 50.30 shows neutral momentum, trading below 200 EMA showing baris trend.
• MACD signals suggest continued consolidation rather than strong directional bias

The past eight months of Ethena (ENA) price movements clearly show how volatile and cyclical the cryptocurrency market can be. From October 2024 to early December, the token’s price jumped rapidly from $0.30 to nearly $1.31. After prices shot up, they fell just as fast, dropping to around $0.36, which is a 73% decrease from the previous highs.

The present technical charts reveal some important points about ENA’s market structure. The RSI is 50.30 at the moment, which means the market is not overbought or oversold. It seems that selling pressure is lessening, but there is not yet enough evidence for a strong upturn

The RSI being above 50 suggests a slight rise in buying, but traders need to see the RSI move above 60 to be sure buyers are still active. According to CMC data, ENA price is currently trading at $0.369 with an intraday drop of 13%, demonstrating bearishness.

Will Ethena (ENA) Make a Comeback?

Source: TradingviewExponential Moving Average analysis gives us a more detailed picture. The price is currently below its 200-day exponential moving average, which means the ENA price is still in a downward trend. However, the recent trend suggests that the coin is trying to find a floor at the $0.25-$0.30 support zone, as it has been tested several times in March and April 2025.

The ENA MACD indicator gives mixed signals, as the histogram shows the market is currently bearish, but the signal lines are close to zero. It points to a lack of strong direction, just as the market has been trading sideways since February.

Recent social sentiment indicators have shown that people are feeling both very fearful and very greedy. The changing mood among investors suggests retail traders are still involved, but professional traders are waiting for clearer signals.

In the coming days, important resistance levels to watch are the $0.48 area (which is the 200 EMA) and the $0.50 level. A consistent rise above these levels might show that the recovery is beginning. If the $0.30 zone is broken, the ENA price could move down to the $0.20-$0.25 area. At present, it seems wise to wait, since ENA is consolidating after a major drop in its price.

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