Ethena’s price has been struggling with a downtrend over the past weeks, but things might be about to change. Recent chart activity suggests potential for a breakout as traders ponder if ENA is on the cusp of turning the corner. 2023 brought us a period of intense bullish sentiment that propelled ENA’s value higher. However, it has since been stuck in a downtrend, with recent declines forcing investors to consider the next move. A clear sign that a shift might be brewing lies in the price action and chart formations. 2023 has seen a renewed focus on DeFi applications as they continue to expand their reach and offer enticing financial solutions, which has contributed to this surge in value for Ethena (ENA). On the charts, the 1-hour chart shared by Open4profit shows ENA trading inside a descending channel. This indicates an overall bearish trend, but recent price action suggests a potential turning point is near.