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Ethena price is finally showing some life again after that massive October crash. The token had dropped all the way down to around $0.25, but it’s now back near $0.43, gaining more than 8% in the last 24 hours.
Trading volume has also jumped past $170 million, which tells us traders are starting to pay attention again. After weeks of panic and heavy liquidations across the market, this little bounce could be the first real sign of recovery.
The crash earlier this month wiped out a lot of leverage positions and scared off short-term traders. But as it often happens, that kind of selloff tends to create strong accumulation zones.
For Ethena price, that level looks to be approximately $0.25 to $0.30. All of the declines into that range have been met with good buying demand, and that makes one wonder if the big players are quietly building a position.
Now that Bitcoin is at a stable $110,000 and DeFi tokens are getting some new attention, ENA has a chance to make its return.
Its core narrative, providing delta-neutral yields, still has strong institutional appeal, and that’s giving investors confidence that the project’s fundamentals remain intact even after the crash.
Looking at the daily chart, you can see how ENA price has bounced sharply off its lows. That $0.25 zone acted as a strong support, and the rebound toward $0.43 looks like the start of a new recovery wave.
What’s encouraging here is that ENA is trying to form a higher low, something we haven’t seen since September. That’s usually a key early signal that momentum is shifting back toward the bulls.
Still, the next big test sits around the $0.48 to $0.50 zone, the same area where the last major breakdown started.
If ENA price manages to clear that resistance with strong volume, we could easily see the price push toward $0.60 in the short term. If it gets rejected there, though, a retest of $0.32 wouldn’t be surprising before another leg up.
The indications are starting to look more promising too. Volume has taken off really well, which normally legitimates actual buying as opposed to a dead-cat bounce. The daily chart also still sports its MACD turning up, showing early bullish divergence after weeks of being in the red.
Open interest is hovering around $93 million, and that’s actually a good thing. It means traders are coming back, but not in an overheated way, leverage isn’t out of control like before the crash. That’s a healthier setup for a gradual recovery.
If ENA can hold this momentum, the next target zone sits between $0.55 and $0.60. That’s where things could really start heating up again. As long as the token doesn’t lose support around $0.30–$0.32, the short-term outlook stays positive.
Overall, ENA price looks like it’s trying to rebuild confidence after a brutal few weeks. The selling pressure seems to have dried up, volume is back, and technicals are finally turning in favor of the bulls. If the broader market keeps stabilizing, Q4 could be the start of ENA’s next leg higher.
By Captain Altcoin
3 months ago
