Ethena price has been drifting lower after several choppy trading sessions, giving back earlier gains as selling pressure returned. The token is down 5.74% over the past 24 hours, while the weekly change shows a 2.48% decline. Ethena coin has remained locked in a narrow band around $0.23, with recent intraday moves failing to extend beyond $0.24. Trading volume fell 9.79% to roughly $293 million, pointing to reduced follow-through from buyers after the initial bounce.
The recent move followed a sharp but short-lived push higher earlier in the week, when Ethena crypto surged about 7% on January 14. That advance did not hold. Price rolled over quickly as traders took profits, flattening momentum and returning ENA to its prior range. Since then, the tape has been quiet, with price consolidating rather than trending.
South Korea Listings Lift Sentiment Before Sellers Step In
The market reacted sharply on January 14 when South Korea’s largest exchanges, Upbit and Bithumb, announced the listing of Ethena’s synthetic stablecoin, USDe.
This fundamental catalyst initially triggered a 7% surge in the price of Ethena coin, fueled by the addition of KRW, BTC, and USDT trading pairs.
Arthur Hayes publicly backed the move, projecting a $1 price target for the asset. However, the upward momentum proved short-lived. Selling pressure quickly overwhelmed the initial bid as short-term traders exited positions to lock in gains.
This reversal confirms a recurring pattern for ENA coin, in which fundamental news rallies are often faded by broader bear-market sentiment and immediate profit-taking.
Ethena Price Tests Major Demand Zone
Ethena price is currently positioned within a critical long-term demand zone between $0.20 and $0.24, a range that has historically invited aggressive buying.
Analysis from Rose Premium Signals identifies this as a “smart money” accumulation area, suggesting that as long as the price holds this floor, the probability favors an upside expansion toward targets of $0.85 and $1.32.
World of Charts observes that ENA is currently testing a significant descending trendline; a successful breakout here could trigger a relief rally aimed at doubling the current price.
Current technical indicators present a mixed outlook. On the daily timeframe, the RSI is neutral at 50.14, and the Stochastic RSI is indecisive at 54.90. While the MACD has recently flipped to a buy signal, the majority of moving averages suggest caution.
Specifically, the Ethena price is trading below its 10-, 50-, and 100-day Simple Moving Averages, though it has found immediate support at the 20-day Exponential Moving Average ($0.2308).
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