Ethena repeats the pattern of June 2025, price action sends out 'warning signals.

Ethena (ENA) has fallen to a record low of $0.235 on Monday, shortly after Bitcoin (BTC) temporarily slipped below the $84,000 threshold. Although Bitcoin quickly rebounded by 3% in just 12 hours, ENA has been sluggish with a modest increase of 1.28% during the same period.

This development may signal a relatively weak strength of ENA, reflecting a noticeable absence of buyers in the market. Investor sentiment is currently only at an average level, and the risk of short-term losses seems to be greater than the potential for a strong recovery.

Two time frames – Current position of Ethena

Daily chart ENA/USDT | Source: TradingViewENA has returned to the support level of $0.238, the price range that this coin had previously tested at the end of June. At that time, after about two weeks of accumulation around this level, ENA had a strong breakout, rising above $0.8 in August.

For a similar scenario to occur again, the market sentiment needs to shift towards a bullish trend, with investors accepting higher risks for cryptocurrencies, especially altcoins. However, at the time of writing, this seems unlikely. On the daily timeframe, the bearish structure of ENA still prevails and is likely to continue.

Hourly ENA/USDT Chart | Source: TradingViewThe hourly chart reveals some interesting developments over the past two weeks. Accumulation phases, marked in purple, include a price channel and a triangle, indicating order gathering behavior before major movements. ENA price moves in sync with Bitcoin and the overall market, often creating liquidity around key levels before “hunting” both Long and Short orders, paving the way for a real rally.

If this scenario repeats, ENA could experience a consolidation phase around $0.238 before the next breakout. However, based on the current structure, it is likely that the price will continue to fall in the short term.

Check Technical Strength

On both the daily and 1-hour time frames, OBV is maintaining a downward trend, signaling continuous selling pressure. Therefore, any price increase of ENA should only be seen as a selling opportunity. The RSI indicator also reflects a strong downward trend, which short-term rebounds are unlikely to break.

Support and resistance levels to watch

The key support levels currently lie at $0.238 and $0.218. If the $0.218 level is breached, the likelihood of further decline will be very high, targeting around $0.184–$0.192.

In the next few hours, the possibility of a bounce back to $0.25 is entirely feasible, thanks to the imbalance on the upside. If this recovery surpasses the threshold of $0.258, the next short-term target will aim for $0.295. At the same time, the level of $0.359 could become an important resistance zone, where selling pressure may increase.

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