Ethena (ENA) Between Technical Pressure and Opportunity Window

The ENA token continues to move cautiously near US$ 0.22, where it encounters a significant technical barrier on the 4-hour chart. The current price reflects a consolidation within an established upward pattern, but the ability to break above this level will be crucial in determining the next steps. According to market data, ENA has been oscillating between US$ 0.21 and US$ 0.23 over the past 24 hours, with a 2.13% decline in the period.

Price Structure and Critical Zones

Analysis reveals that ENA maintains rising highs and lows, forming a disciplined upward channel. However, consistent rejection at US$ 0.22 increases the risk of lateral consolidation or a retracement toward the lower support of the channel at US$ 0.20. A solid 4-hour close above this resistance would be necessary to validate the continuation of the appreciation movement.

In the ENA/BTC pair, the story is less optimistic. The pair is compressed in a descending configuration over a 3-day period, repeatedly failing to break the declining resistance line. The price consistently touches the bottom of this structure, suggesting relatively selling pressure compared to Bitcoin.

Momentum Indicators and Technical Signals

Momentum oscillators, including RSI and stochastic, currently offer a cautious reading. Both suggest limited room for recovery until a confirmed trend reversal occurs. Specifically, the stochastic does not show bullish divergences that justify short-term optimism.

Intraday Perspective and Key Support

On the intraday chart, the upward movement remains steady, with ENA gradually gaining from US$ 0.207 to US$ 0.23. The critical zone now lies at US$ 0.225, serving as an anchor point to preserve the upward momentum. Losing this support could trigger profit-taking, although the long-term structure remains intact.

The key to the next moves is maintaining discipline above US$ 0.225 and closing above US$ 0.22 on the 4-hour timeframe.