Headline: Ethena (ENA) looks set for a deeper pullback — $0.1315 the key test as buyers absorb selling but fail to seize control A fresh wave of selling pressure has left Ethena (ENA) vulnerable to another leg down, with technical and on‑chain signals pointing to a likely revisit of the $0.1315 support zone before any convincing rebound. The move was catalyzed when a major holder moved 16.86 million ENA to Coinbase Prime — crystallizing an estimated $15 million loss (about 81% below an $18.53 million cost basis) — and injecting meaningful sell-side liquidity while the token traded around $0.14–$0.15, levels not seen in months. Key takeaways - Large deposit added supply but market structure held up: price action didn’t collapse after the transfer; candles showed controlled absorption rather than panic selling, suggesting some participants anticipated the move. - Still, the scale of realized losses signals exhaustion among holders. Many remain deeply underwater, increasing the risk of distribution on any relief rally. - ENA trades inside a clearly defined descending channel since the breakdown from the ~$0.30 area. The pattern and an RSI below 40 favor sellers and leave room for a deeper drop toward the $0.1315 structural support — a level aligned with prior reaction lows and channel symmetry. - A decisive breakout would require ENA to reclaim resistance near $0.165; until then the market is reactive, with buyers defending levels but not dictating trend direction. (Source: TradingView) On‑chain and market internals - Spot Taker CVD (90‑day) remains net positive, indicating persistent taker-buying during declines. This divergence — falling price alongside positive CVD — points to accumulation behavior among spot buyers, but it appears defensive: buyers are slowing the descent rather than forcing a trend reversal. Historically this can blunt bearish momentum, but it does not guarantee a turnaround without stronger follow‑through. (Source: CryptoQuant) - OI‑weighted funding shifted from roughly -0.01% to about +0.005% after a long‑side flush that reduced open interest to the $55–$60M range. Funding is now slightly positive, implying traders are paying to hold longs, yet rates remain shallow — signaling positioning without conviction. This reduces the immediate risk of cascading long liquidations on further downside but doesn’t underpin a breakout by itself. (Source: CoinGlass) Derivatives/liquidation profile - Binance’s ENA liquidation map shows concentrated short liquidation pressure above the current price between $0.205 and $0.22, with cumulative short liquidations >$5M and heavy exposure at 25x–50x leverage. Long liquidations below price are relatively light, with only thin clusters under $0.18 and minimal exposure down toward $0.13. That creates an asymmetric liquidity landscape: an upward move into $0.205–$0.22 could trigger significant short squeezes, while a downside path faces fewer forced stops. This is a liquidity profile, not a directional endorsement. (Source: CoinGlass) What to watch - Downside path: $0.1315 — the next major structural checkpoint. If sellers remain dominant, expect a test of this zone before buyers can attempt a sustained recovery. - Upside path: reclaim and hold above $0.165 with expanding volume/participation would break the sequence of lower highs and shift the technical narrative. - Internals: monitor Spot Taker CVD for whether accumulation turns aggressive and funding/open interest for participation growth. A durable trend change will require price expansion with rising participation, not just positive funding or defensive buying. Bottom line ENA is in a fragile equilibrium: buyers are actively absorbing sell pressure, but not yet in control. The technical structure and on‑chain data favor further downside toward $0.1315 unless aggressive demand materializes ahead of that level. A credible recovery requires ENA to hold $0.1315 and then reclaim channel resistance with expanding participation. Disclaimer: AMBCrypto's content is informational and not investment advice. Trading cryptocurrencies is high risk; do your own research. © 2025 AMBCrypto Read more AI-generated news on: undefined/news