Ethena crypto (ENA) slid nearly 9% in the past 24 hours to trade at $0.4249, extending its pullback after an explosive October rally. The decline comes just days after Terminal Finance, a decentralized exchange backed by Ethena, secured over $280 million in pre-launch deposits. This event initially boosted sentiment but appears to have triggered a wave of profit-taking.
With the token’s market cap at roughly $3 billion and TVL still hovering around $9.8 billion, the question now is whether ENA’s fundamentals can outweigh short-term selling pressure.
ENA Price Pressured by Profit-Taking and Market Fatigue
The recent downturn follows a familiar “sell the news” pattern. Ethena’s ecosystem milestone with Terminal Finance, while fundamentally bullish, coincided with exhausted momentum after ENA coin climbed above $0.53 over the past week.
Traders who rode the rally appear to be taking profits, reflected in an 8% drop in daily volume to $361 million and a visible dip in buying depth across exchanges.
On-chain data and platform metrics reinforce that the pullback may be sentiment-driven rather than structural. Ethena’s fundamentals remain solid: total value locked stands near $9.79 billion, most of it on Ethereum, and annualized fees exceed half a billion dollars, making the protocol one of the top earners among decentralized stablecoin issuers.
Token Terminal data also shows Ethena ranked third behind Tether and Circle, with $41.5 million in fees generated over the last 30 days. Yet, despite this financial strength, the broader macro backdrop has also amplified ENA’s decline.
The Fear & Greed Index has slipped to “Fear” territory at 34, while altcoins have underperformed Bitcoin. ENA, being a high-beta asset, has felt the brunt of that rotation, with some traders increasing leveraged short exposure as the Ethena price broke below key moving averages.
Ethena Price Faces Test at $0.45 Support Zone
Ethena (ENA) is testing a critical zone near $0.45, a level identified by Glassnode’s cost-basis heatmap as a major support band alongside $0.34. The token has fallen below both its 7-day and 30-day simple moving averages, eroding short-term bullish structure.
Momentum indicators show weakening conviction, but also a potential for stabilization. The 1-hour chart printed a blue oscillator reversal signal, hinting at a possible short-term relief bounce if $0.42 holds.
Meanwhile, RSI readings around 41 suggest the token is nearing oversold conditions, which could attract dip buyers if broader market sentiment steadies. Resistance now sits around $0.50–$0.55, with a heavier ceiling near $0.66.
Despite the immediate weakness, analyst Ali maintains that ENA’s long-term structure remains intact, noting in earlier analysis that if the recent move forms a higher high, the token could still set up for a push toward $1.30.
For now, however, traders seem more focused on short-term protection of the $0.40–$0.45 area, a make-or-break zone that will determine whether Ethena’s latest correction deepens or stabilizes heading into November.
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