Ethena’s price (ENA) has encountered significant resistance at the $0.5 mark, which has become a critical zone for traders watching the cryptocurrency’s movements. As market conditions continue to evolve, the key question remains: Can ENA bulls break through this resistance and trigger a new bullish trend, or will the price continue to face downward pressure?

Price Structure and Recent Market Movement

In February 2025, Ethena’s price fell below the important $0.5 support zone. However, the price decline appeared to stabilize recently, with a range formation developing beneath the $0.5 resistance level. This could signal the possibility of a price breakout in either direction, providing opportunities for traders.

Despite the bullish potential, ENA’s market structure on the daily chart remains bearish. Over the course of 2025, the cryptocurrency has experienced a series of lower highs and lower lows. The most recent lower high was established around $0.48, and a daily close above this level would be a crucial indication of a potential trend reversal. At present, the bears have been in control, but a shift in the market dynamics is not out of the question.

Volume and Momentum Indicators

Recent trading volume has surged, signaling increased interest in Ethena. This influx of volume has contributed to the On-Balance Volume (OBV) indicator breaking past local highs from the last two months. This breakout is significant, as it shows growing demand and potential for price movement in the near future.

The Relative Strength Index (RSI) is currently testing the neutral 50 level as resistance. This is an important threshold, as a shift above this level could indicate that bullish momentum is building. The RSI’s movement is typically viewed as a reflection of market sentiment, and its current position suggests that a momentum shift could be on the horizon. This combination of rising volume and improving momentum might give bulls the upper hand if these indicators continue to align positively.

Short-Term Outlook: Range Formation and Resistance at $0.5

Looking closer at the 4-hour chart, Ethena has established a range between $0.448 and $0.5. The $0.5 resistance level is proving difficult to breach, with bulls attempting to overcome the 25% level of the range at $0.448. For now, this zone is proving to be a battleground for traders, and overcoming it would signal that bulls are gaining traction.

However, even if the $0.448 level is broken, the $0.5 resistance remains a formidable hurdle. Despite the OBV breakout, traders should remain cautious, as the broader market sentiment still leans bearish. If the price does manage to break above $0.5, it could lead to a retest of this resistance level, providing an opportunity for traders to sell into any upward price action.

Liquidation Heatmap and Future Price Levels

An important factor to consider is the liquidation heatmap from the past month, which has highlighted the $0.48-$0.515 region as a strong “magnetic” zone. This indicates that the price is likely to test this area soon, as market liquidity tends to pull prices toward these levels. The liquidity clusters at this range also make it a prime location for potential reversals, and traders may look to capitalize on this by shorting the price should it struggle to push past these levels.

Swing traders who are considering selling may want to wait for a move beyond the $0.515-$0.52 zone. This would invalidate the bearish outlook and suggest that ENA is poised for a bullish rally. On the other hand, if the price fails to break through this key resistance, bearish targets lie at the mid-range level of $0.412 and the lower support at $0.34.

Conclusion

Ethena’s price action remains highly sensitive to the $0.5 resistance zone, which has created a critical battleground for traders. With the OBV showing bullish signals and volume increasing, there is potential for a breakout if the $0.5 resistance is overcome. However, caution is necessary, as the broader market structure remains bearish, and a failure to break through key resistance levels could signal further declines. Traders will need to monitor these key levels closely to make informed decisions in the coming days.