Ethena (ENA) has fallen hard. The ENA Price is down about 93% from its peak and now trades near $0.13. After a long slide, ENA is sitting at a part of the chartEthena (ENA) has fallen hard. The ENA Price is down about 93% from its peak and now trades near $0.13. After a long slide, ENA is sitting at a part of the chart

Ethena (ENA) Price is Down 93% From Its High – Here’s What’s Happening on the Chart

3 min read

Ethena (ENA) has fallen hard. The ENA Price is down about 93% from its peak and now trades near $0.13. After a long slide, ENA is sitting at a part of the chart where traders usually slow down and reassess risk.

Top analyst Crypto Patel shared a chart showing the ENA price moving inside a long descending channel that has been in place since 2024. Price has worked lower in several legs and is now pressing against the lower edge of that structure.

What the Ethena Chart Shows

ENA remains inside a clear downward channel on the higher time frames. Each rally has stalled lower than the last, and each drop has pushed price closer to channel support. That pattern has stayed intact for more than a year.

Right now, the ENA price is testing a demand area near the bottom of the channel. This zone sits around $0.08 to $0.06, where buyers have stepped in before. Patel also points to a longer-term downside level near $0.07, which lines up with past structure on the chart.

As long as price stays above this demand area, the structure allows for a relief move back toward the middle of the channel. A clean break below it would weaken that setup and open the door to deeper losses.

Source: X/CryptoPatel

Why Traders Are Watching This Area

The ENA price is well below the private sale level of $0.40, giving retail buyers a lower entry than early investors. That gap has drawn attention, especially after ENA’s long decline.

The Ethena chart shows signs of basing rather than acceleration lower. Selling pressure has slowed, and price action has tightened near support. This does not confirm a bottom, but it explains why traders are watching closely.

Patel shared upside reference levels at $0.50 and $1.26, with a higher target above $3 if the trend fully turns. These levels assume price can hold support and work its way back through the channel.

Read Also: Cardano (ADA) ETFs Take a Step Forward After SEC Filing Updates

Beyond the chart, Ethena’s ecosystem has continued to grow. USDe has become one of the largest stablecoins, with supply near $5.8 billion. The project also plans a fee switch that would route protocol revenue to stakers in 2026.

Ethena is also building its own blockchain and preparing an institutional product tied to USDe. These developments help explain why interest remains even after a deep drawdown.

Furthermore, ENA carries clear risks. Token unlocks will continue for years, adding supply pressure. The token remains far below its high, and its model has drawn comparisons to past failures in the sector. Price action also depends on funding conditions and broader market health. If risk appetite fades, the ENA price could revisit lower levels inside the demand zone.

Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.

The post Ethena (ENA) Price is Down 93% From Its High – Here’s What’s Happening on the Chart appeared first on CaptainAltcoin.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

XRP Enters ‘Washout Zone,’ Then Targets $30, Crypto Analyst Says

XRP Enters ‘Washout Zone,’ Then Targets $30, Crypto Analyst Says

XRP has entered what Korean Certified Elliott Wave Analyst XForceGlobal (@XForceGlobal) calls a “washout” phase inside a broader Elliott Wave corrective structure
Share
NewsBTC2026/02/05 08:00
Republicans are 'very concerned about Texas' turning blue: GOP senator

Republicans are 'very concerned about Texas' turning blue: GOP senator

While Republicans in the U.S. House of Representatives have a razor-thin with just a four-seat advantage, their six-seat advantage in the U.S. Senate is seen as
Share
Alternet2026/02/05 08:38
Headwind Helps Best Wallet Token

Headwind Helps Best Wallet Token

The post Headwind Helps Best Wallet Token appeared on BitcoinEthereumNews.com. Google has announced the launch of a new open-source protocol called Agent Payments Protocol (AP2) in partnership with Coinbase, the Ethereum Foundation, and 60 other organizations. This allows AI agents to make payments on behalf of users using various methods such as real-time bank transfers, credit and debit cards, and, most importantly, stablecoins. Let’s explore in detail what this could mean for the broader cryptocurrency markets, and also highlight a presale crypto (Best Wallet Token) that could explode as a result of this development. Google’s Push for Stablecoins Agent Payments Protocol (AP2) uses digital contracts known as ‘Intent Mandates’ and ‘Verifiable Credentials’ to ensure that AI agents undertake only those payments authorized by the user. Mandates, by the way, are cryptographically signed, tamper-proof digital contracts that act as verifiable proof of a user’s instruction. For example, let’s say you instruct an AI agent to never spend more than $200 in a single transaction. This instruction is written into an Intent Mandate, which serves as a digital contract. Now, whenever the AI agent tries to make a payment, it must present this mandate as proof of authorization, which will then be verified via the AP2 protocol. Alongside this, Google has also launched the A2A x402 extension to accelerate support for the Web3 ecosystem. This production-ready solution enables agent-based crypto payments and will help reshape the growth of cryptocurrency integration within the AP2 protocol. Google’s inclusion of stablecoins in AP2 is a massive vote of confidence in dollar-pegged cryptocurrencies and a huge step toward making them a mainstream payment option. This widens stablecoin usage beyond trading and speculation, positioning them at the center of the consumption economy. The recent enactment of the GENIUS Act in the U.S. gives stablecoins more structure and legal support. Imagine paying for things like data crawls, per-task…
Share
BitcoinEthereumNews2025/09/18 01:27