- ENA sees strongest support at $0.3487 with 2.71B tokens accumulated on-chain
- Resistance at $0.6043 forms with 108.13M ENA bought just above the current price
- RSI at 31.49 and MACD nearing crossover signal ENA may be close to a short-term rebound
Ethena (ENA) is edging on a crucial support zone as trading activity is forming a bearish pattern. Although shorter-term trading has been volatile, the accumulation data indicates that buyers remain strong at lower price levels.
Strong Support Evident in Accumulation Clusters
According to a Glassnode heatmap chart shared by analyst @ali_charts on August 1, 2025, ENA has a strong accumulation zone at $0.3487, where 2.71 billion ENA tokens were acquired. This level stands 41.3% below the current price and could act as a firm support floor if selling continues.
Other key accumulation bands include the $0.30–$0.34 range, highlighted in red and yellow tones, indicating heavy buyer activity. These levels reflect the cost basis of long-term holders, who may remain firm during corrections. The strongest demand cluster aligns with $0.35, showing long-term positioning confidence.
Meanwhile, the biggest accumulation zone above the current price lies at $0.6043, where 108.13 million ENA were acquired. While this level presents a potential resistance zone, the accumulation reflects optimistic buying behavior above spot levels.
Price Pullback and Short-Term Technical Structure
Trading data from CoinMarketCap shows ENA priced at $0.5429 as of writing, marking a 6.25% drop in the past 24 hours. Market capitalization stands at $3.45 billion, with a trading volume of $1.48 billion. The circulating supply is at 6.35 billion ENA, roughly 42.3% of the max supply.
The recent pullback follows a sharp rally that saw ENA peak near $0.66 in late July. RSI data on the 5-minute chart indicates a near oversold level at 31.49. MACD readings show flat momentum, with the signal line and MACD line nearly crossing.
On the short-term chart from TradingView dated August 2, 2025, ENA hovers around $0.5404. Volume in the last candle is recorded at 908.07K. This zone is being tested, with potential bounce signs limited by weak momentum.
Resistance Zones and Market Outlook
According to on-chain data, resistance is at the levels of 0.55 and 0.5668, and a large ceiling is formed at 0.6043. In the event of the price reclaiming the level of 0.60 and overcoming the level of 0.66, there is a possibility of further gains towards the levels of 0.70 and 0.75.
Areas of support to watch are at 0.52, 0.50, and 0.47. Higher values, such as 0.44 and 0.35, were considered long-term stabilizing points as per the distribution of wallet costs. Community sentiment remains positive, with 84% showing bullish expectations.
