$ENA 📈 nears KEY support after sell-off: What’s next for Ethena?
After a sharp 10% sell-off on May 23, Ethena (
#ENA ) is now hovering near one of its most important support regions between $0.0809 — $0.0760.
Price managed to rebound toward $0.1005 on May 24, but the bigger picture still looks fragile. Weekly structure remains weak, and sellers are still controlling momentum.
What makes this move interesting is the volume.
Spot Volume exploded nearly 47% to $76.8M during the decline.
That tells us this wasn’t a random low-liquidity dump.
Traders were heavily active during the sell-off — which usually means the market is taking this move seriously.
At the same time, whale-sized orders started appearing near the lows.
That doesn’t automatically confirm accumulation… but it does show larger players are watching this zone closely.
Now the market enters decision time.
If buyers successfully defend the $0.0809 support area, ENA could stabilize and attempt a relief recovery from oversold conditions.
But if that zone breaks with strong selling pressure, the structure could shift into a deeper bearish continuation.
Right now, ENA sits at a critical level where volatility usually expands fast.