Ethena is currently consolidating just above a critical high time frame support zone, following a full range rotation from recent highs. Although the broader trend remains bearish, this area has historically triggered counter-moves, and if defended, it could set the stage for another rally within the established trading range.

With price action slowing near support and liquidity building beneath recent swing lows, traders should prepare for a possible volatile reaction. Whether it results in a breakdown or a sharp rotation higher depends on how Ethena (ENA) interacts with the support zone at $0.21.

Key technical points,

• Value Area Low: ENA is trading just above the value area low, following a full rotation down from recent range highs.
• Key Support Zone: $0.21 is a major high time frame support directly beneath the previous swing low.
• Bearish Structure: The 200-day moving average continues to act as dynamic resistance, capping bullish attempts.

ENA has been trading in a defined range, with the recent rejection from the value area high confirming a move back down toward the value area low. Price is now hovering just above this lower boundary, indicating the range structure remains intact for now.Beneath current levels lies the $0.21 support, which holds major significance. This zone is just below the previous swing low and aligns with long-term support levels. A wick below this zone to grab liquidity, followed by a strong reclaim, could act as a bullish reversal trigger, especially if backed by increased volume and momentum.

So far, that scenario has not played out. The 200-day moving average still slopes downward, pressing on price and reinforcing the bearish structure. Unless ENA can flip this moving average and break structure with conviction, any upside is likely to remain within the current range.For now, traders should focus on the oscillation between high time frame support and resistance, as this range still offers rotational setups. A confirmed breakdown below $0.21 with no reclaim could trigger further downside, while a reclaim above this key level would suggest buyers are stepping in to defend the trend.

What to expect in the coming price action

ENA remains inside a clear trading range, with $0.21 acting as the critical line in the sand. A clean bounce from this zone could trigger a rotation toward the range highs. But if this support fails, expect volatility and a potential trend continuation to the downside. For now, range trading remains the most likely outcome until structure decisively breaks.