- ENA tests key horizontal support on the 4-hour chart after recent price declines.
- A rounding top pattern signals possible further downside if support fails.
- Price currently trades at $0.7105, down 1.68% in the last 24 hours.
On the 4-hour chart, Ethena (ENA) is in an important technical area, where a horizontal support zone is tested. Traders will be watching to see whether this level can be supported, and cause a bullish reversal, or collapse and allow deeper falls.
Support Zone Holds Market Focus
The ENA/USDT 4-hour chart shows price action consolidating at a horizontal support zone. This level has served as a reliable base for previous upward movements. Its ability to sustain current price levels will be crucial for near-term momentum.
Alpha Crypto Signal noted on social media that if ENA holds here, momentum could shift higher for another upward leg. However, a loss of this level may activate a rounding top formation, opening the possibility for deeper retracements.
Source: Alpha Crypto Signal via X
The current support zone is also a technical pivot, with prior reactions indicating buyer interest. Multiple retests over recent weeks have reaffirmed its importance for market structure stability.
Technical Structure and Moving Averages
The chart structure reveals a rounding top pattern, which often indicates waning bullish pressure over time. The price peaked around $0.85 before gradually declining toward the present support.
Short-term dynamic resistance comes from the 50-period SMA at $0.7496 and the 9-period EMA at $0.7179. These moving averages align with the upper boundary of the recent decline, adding pressure for any upside attempt.
A decisive hold above support could see price challenge these resistance levels, with a breakout possibly pushing toward the $0.80 mark. Traders will watch for confirmation through consecutive bullish closes.
Volume and Price Context
Trading volume over the recent sessions has remained steady but below breakout levels, indicating measured participation.Any dramatic upswing in volume would probably be needed to create a lasting sustainable force in either direction.
ENA trades at 0.7105 with a 1.68 percent decrease in the last 24 hours and a 6.07 percent loss over seven days ago. These numbers highlight the significance of the present test in terminating the temporary bear grip.
In case the support does not hold up, the closest negative target would be around the level of 0.65. Nevertheless, a bounce in this case would rebuild confidence among buyers, and establish conditions for another test to its previous peaks.
