Will Ethena’s Momentum Shift Past Resistance? Analysis of Ethena Price Movement

Ethena (ENA) is currently trading around the $0.38 level, facing a market downturn with Bitcoin at $103,400 and Ethereum hovering near $2,400. Following this broader downtrend, Ethena has experienced a modest decrease in market cap, dropping to $2.21 billion from its previous peak. The trading volume has also declined by 6.67%, reaching $297 million. Coinglass data confirms significant liquidations of $1.63 million for Ethena, reflecting the current market volatility.