Ethena (ENA) erased its entire 13% rally within hours, dropping back to $0.0858 after briefly surging from $0.0870 to $0.0985 on June 22. The rapid reversal was driven by rising exchange balances and rejection at the $0.10 resistance level, signaling that sellers remain in control.
Rally fizzles at $0.10 resistance
ENA kicked off the trading week with a sharp 13.22% gain over just 12 hours, climbing from $0.0870 to $0.0985. The move initially appeared to give bulls a reason for optimism, but the altcoin failed to sustain momentum. It was rejected at the psychological $0.10 round-number level, stopping well short of the 78.6% Fibonacci retracement at $0.1081. By the time of writing, all gains had been wiped out, with ENA trading at $0.0858.
Crypto analyst Ali Martinez noted on X that the ENA balance on exchanges has been rising steadily, with over 300 million tokens entering trading platforms over the past month. This trend suggests holders are preparing to sell, undermining any short-term bullish moves.
Bearish structure confirmed
On the longer timeframe, ENA's swing structure turned bearish after prices broke below the $0.0765 low set in early April. Earlier, bulls had managed to push the token back above the $0.1206 swing high, but failed to establish a new higher high. The subsequent breakdown confirmed a bearish shift. On the 4-hour chart, the $0.086-$0.090 area flipped from support to resistance, further pressuring prices. The liquidation heatmap showed a cluster of short liquidations near $0.10, which was briefly tested before the downturn.
What's next for ENA?
Traders are now bracing for further downside. The combination of rising exchange inflows, a bearish long-term trend, and the failure to breach $0.10 all point to continued selling pressure. The recent rally appears to have been a relief bounce within a larger downtrend, and the path of least resistance remains to the south.