- ENA dropped 1.7 percent in one session and broke through a key support near the $0.55 price level
- Analysts now point to $0.49 as the next target if ENA cannot regain strength above the previous range
- Price action shows bearish pressure building as volume clusters shift lower on the 4-hour trading chart
Ethena (ENA) has dropped below the critical $0.55 support line, signaling a potential trend shift as bears tighten their grip. As of August 2, 2025, ENA traded at $0.5428, reflecting a 1.70% loss on the 4-hour chart. Analysts now identify $0.49 as the next key level to monitor closely.
This price action comes amid a growing volume profile imbalance. According to a TradingView chart shared by crypto analyst Ali (@ali_charts), ENA has breached a significant horizontal support range. If downward pressure continues, the altcoin may seek support near the lower cluster of volume nodes, which align around the $0.49 level.
With market sentiment tilting toward risk-off positioning, traders are watching for signs of reversal or deeper correction.
Technical Setup Highlights Key Breakdown
The 4-hour candlestick chart for ENA/USD T on Binance shows repeated lower highs over the past week. This pattern hints at weakening bullish strength. Candles forming between July 27 and August 1 printed a classic descending triangle pattern, often viewed as a bearish continuation.
Volume profile bars on the left axis indicate liquidity distribution. A dense node between $0.53 and $0.55 previously served as support. Once the price broke below that, the next visible accumulation zone lies near $0.49, making it a likely target.
The chart’s volume-at-price clusters show trading activity concentrated around former resistance, now turned potential support. Analysts suggest that unless ENA bounces back above $0.55 quickly, further downside could follow.
In the past 48 hours, ENA rejected multiple recovery attempts above $0.56. These rejections amplified selling pressure. With momentum swinging toward bears, traders are reevaluating short-term strategies based on price stability below this range.
Market Reactions and Analyst Commentary
The breakdown triggered significant chatter on X (formerly Twitter). Ali, a respected chartist in the crypto space, posted the trading update at 2:24 a.m. UTC on August 3, 2025. His post garnered over 14,800 views within 12 hours, reflecting rising trader interest.
In the comment section, market watchers expressed concern over ENA’s rapid descent. One user remarked, “We cooked hard,” referencing the sudden price action. Another noted, “No rush unless $0.49 holds and shows some reaction,” suggesting patience in navigating the potential bottom.
The sentiment from traders reflects both caution and anticipation. While many await a bounce, others interpret the move as confirmation of bearish structure formation. These divergent views highlight the uncertainty currently gripping the market .
Traders now look for evidence of support near $0.49, watching for signs such as bullish divergence or a volume spike. If these emerge, they could hint at a short-term floor and potential rebound.
What If ENA Breaks Below $0.49?
If ENA falls through the $0.49 support without meaningful buyer interest, what price level becomes the next logical destination? The chart shows a wide gap in volume profile density below $0.49. This indicates little historical trading activity in that range. In such zones, price often moves quickly until it finds new demand clusters.
Beneath $0.49, the next notable level appears near $0.45, though not clearly defined. Traders may begin referencing Fibonacci extensions or previous lows to assess potential downside targets. The lack of nearby volume could accelerate volatility, catching unprepared traders off guard. Market participants will likely monitor for sharp reversals or exhaustion patterns if ENA hits this zone.Overall, the $0.49 level remains critical. Whether it holds or fails may define ENA’s next direction for the weeks ahead.
