Ethena (ENA) reached its all-time high of $1.52 in April 2024, the same month it launched.

After a lengthy downtrend, a rally in the second half of 2025 reignited optimists, but the ENA price barely failed to reach a new all-time high.

Another downtrend started in December and has continued in 2025, leading to a 70% decline.

With ENA breaking down from a long-term ascending support trend line, bullish sentiment is dwindling, leading to the possibility of even more downside.

ENA’s Lengthy Decline

The weekly time frame shows that ENA failed to reach a new all-time high twice in December 2024.

The price confirmed the $1.25 horizontal area as resistance, creating a double top pattern (red icons) and falling afterward.

The decline culminated with a low of $0.38, a fall of nearly 70% since its highs. Currently, the ENA price trades inside the $0.40 horizontal support area.

This is the final support area before the all-time low of $0.19, so a breakdown below it could spell trouble.

Technical indicators are also bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are trending downward.

They have also crossed below their bullish thresholds at 50 and 0, respectively, confirming the bearish trend.

So, the weekly time frame gives a bearish ENA prediction, suggesting there is more downside ahead.

More Downside Ahead

The daily time frame does little to dissuade from the bearish trend. On the contrary, it shows that the ENA price broke down from a 145-day ascending support trend line on Feb. 6, suggesting its upward movement is over.

Unlike the support trend line, the ENA price still follows a descending resistance trend line (dashed), which has contained a decline since the start of the year. The trend is considered bearish until the ENA price breaks out.

On top of this, technical indicators are bearish. The RSI and MACD are falling without signs of a reversal.

The six-hour chart and wave count offer some hope for a bounce. They show that ENA is trading inside a descending wedge, which is considered a bullish pattern. Also, they show a completed five-wave count (orange).

Thus, a breakout from the wedge could occur, possibly taking the ENA price to $0.60, validating the long-term support trend line.

However, this is likely part of wave four in a longer-term five-wave drop (red). So, the ENA price will be expected to resume its downtrend after its initial breakout.

Bearish ENA Trend

The ENA price has been mired in a bearish trend since December 2024.

While the possibility of a short-term bounce exists, the long-term ENA trend is likely bearish, and the price will eventually fall to a new all-time low.

Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.

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