$ENA (Ethena) is navigating a high-volatility markdown phase as of December 26, 2025, trading between $0.197 and $0.204. The asset is under intense pressure, having recently hit an all-time low of $0.1924 on December 18. While whale activity, such as Arthur Hayes' withdrawal of 1.22M ENA from Binance, hints at potential long-term bottoming, short-term fundamentals are weak. Ethena’s TVL has plummeted over 50% since October, falling from $14.3 billion to $6.55 billion, as users redeemed over $8 billion in USDe.
Technical indicators confirm a "Strong Sell" regime, with ENA trading below all key EMAs, including the 50-day ($0.47) and 200-day ($0.51). While the RSI near 30–32 signals oversold conditions that could trigger a brief relief bounce, the broader market remains in "Extreme Fear" (Index 21). Analysts warn that a daily close below the critical $0.20 psychological support could trigger "downside price discovery" toward even lower levels.
Support and Resistance Levels
Immediate Resistance: A supply wall sits at $0.21 – $0.23, where the 61.8% Fibonacci level and recent 24-hour highs converge.
Secondary Resistance: Major structural resistance is at $0.36 – $0.40, representing the 20-day EMA and a key recovery threshold.
Immediate Support: The current floor is being tested at $0.192 – $0.20, aligning with the psychological pivot and recent all-time lows.
Critical Support: A failure to hold $0.18 could lead to a rapid capitulation as institutional liquidity redistribution continues.
Short Trade Signal
Margin: Isolated 2% to 5%
Leverage: 5x – 10x
Entry 1: 0.213 (24H Range High Rejection)
Entry 2: 0.233 (Fibonacci 61.8% Resistance)
Take Profits:
TP1: 0.192 (All-Time Low Retest)
TP2: 0.180 (Capitulation Target)
TP3: 0.131 (Cycle Liquidity Floor)
Or Take Profit from 100% to 500% ROI
Stop Loss: 0.255
Short #ENA Here
