Ethena (ENA) is currently moving in consolidative price action amid changing conditions in the crypto market due to BTC’s downward momentum. According to CoinMarketCap, the ENA price over the last 24 hours has shown stability, while over the last week it has declined by 3.28%.
At the time of writing, ENA is trading at $0.09781 with a trading volume of $215.8 million, which has surged significantly by 70.34% over the last 24 hours. Furthermore, its market capitalization stands at $831.31 million, which is also stable.
Source: CoinMarketCap
Also Read: Ethena (ENA) Set to Surge to $0.75 After Strategic Infrastructure Pivot
ENA Eyes Major Bullish Targets After MA50 Test
However, the crypto analyst Jonathan Carter revealed that Ethena (ENA) is trading above the midline of a clearly defined descending channel on the daily chart on Thursday, March 26, capturing traders’ attention.
Approaching the 50-day moving average (MA 50), the token faces a critical test. A decisive breakout here could spark bullish momentum, potentially reversing the downtrend and signaling renewed market confidence for investors.
Source: Jonathan Carter’s X Post
The upside targets that have been identified include $0.12, $0.20, $0.30, $0.42, and $0.55. Reaching these targets will be a sign of a strong recovery from the channel.
Despite the volatility in the market, if the price is able to break past the MA50, it could be the beginning of a new trend for the asset. Therefore, ENA is one token to keep an eye out for in the days to come.
ENA Technical Outlook Reveals Downward Pressure
According to TradingView, the ENA chart reveals a strong bearish trend in the long term, with a series of lower highs and lower lows since the beginning of 2026.
The current trading price is well below the major ribbons of the 100-day and 200-day lines, indicating strong overhead resistance. The sellers are in complete control of the market.
Source: TradingView
In the more immediate term, the chart reveals a period of consolidation and volatility compression within the Bollinger Bands. Throughout March, the price has clung to the lower Bollinger Band, suggesting that the price is oversold.
However, the price has consistently failed to rise above the 20-day SMA. The compression of the green Bollinger Bands implies that a squeeze is currently in place.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethena (ENA) Holds Near $0.103 as Consolidation Signals Potential Surge
