Why is Ethena price down today?

Traders Union
All News
Crypto
Ethena slides 10.67% to $0.0855 today

Highlights

Ethena saw daily active addresses climb to 5,057, the highest since November 2025, indicating renewed user engagement.
Increased new wallet creation and expanding trading activity point to broader participation across Ethena’s ecosystem.
ENA/USD trades under persistent seller pressure with technicals signaling weak momentum and a near-term range of $0.0787 to $0.0956.

On-chain participation surges as buyers fail to reverse selloff

Ethena recorded a significant increase in on-chain activity, with daily active addresses reaching 5,057, the highest level since November 2025. New wallet creation also rose, indicating broader participation within the Ethena ecosystem. Usage growth was accompanied by increased trading volume and futures market activity, though price action has remained under broader selling pressure.

Anton Kharitonov, expert at Traders Union, views Ethena’s recent price drop as a clear sign of technical and sentiment-driven weakness. He notes that increasing user participation has failed to offset strong, persistent selling pressure, with ENA remaining below all key moving averages and momentum tools mixed or negative. Kharitonov is cautious about the uptick in wallets, describing it as a sign of speculative rather than foundational growth. He warns that current levels offer little technical support if seller exhaustion does not develop. "A technical bounce is unlikely until disciplined buyers show sustained commitment, otherwise the risk of further lows remains substantial."

Viktoras Karapetjanc, expert at Traders Union, focuses on the robust participation surge and sustained ecosystem growth as key drivers for Ethena’s outlook. He highlights that strong signals in wallet creation and user activity support further adoption, reinforcing market interest. Karapetjanc sees coming days as an opportunity for price to absorb current volatility and re-establish momentum. Sustained growth in participation typically paves the way for strong trend reversals. "Bullish structure remains intact as long as ecosystem engagement rises — I expect further growth setups to emerge."

Persistent downside bias as mixed momentum tests resistance zone

ENA/USD remains below its 20-day, 50-day, and 200-day moving averages at $0.0881, $0.0993, and $0.1362, signaling continued seller pressure across all timeframes. The Ichimoku Kijun at $0.0942 acts as resistance, with the near-term range defined by a ceiling at $0.0881 and a floor at $0.0848. Momentum signals are mixed: the Moving Average Convergence Divergence (MACD) suggests strong downside momentum, while the Average Directional Index (ADX) reads as neutral. The Relative Strength Index (RSI) is near 50 with a buy forecast, but the Stochastic RSI flags overbought conditions and the Commodity Channel Index (CCI) remains neutral. Bull/Bear Power (BBP) shows buyers are currently in control, signaling a strong buy bias. The asset has declined to $0.0855, dropping $0.0102 or 10.67% from the previous close. An opening downside gap of approximately 5% set the tone, with price now positioned near the daily low and intraday volatility at 8.28%. The intraday session shows steady pressure from sellers after the open, aligning with the overall weak momentum.

Previously it was reported that Ethena’s outlook had turned more cautious as persistent selling pressure forced prices below key technical benchmarks despite signs of growing user activity. The current environment reinforces this caution, with volatility remaining elevated and traders advised to monitor the $0.0881 resistance and $0.0848 support as pivotal levels for near-term direction.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.