Battered And Bruised Ethena Crypto Sustains Bleed-Out: When Will ENA Price Recover?

Over the weekend, Ethena (ENA) saw a lot of volatility in its price movement. There were some minor hints of an upward trajectory, but it caved in to sustained selling pressure, with the price closing lower in each session.

Between 1st and 2nd November, Ethena ENA $0.3548 8.43% Ethena ENA Price $0.3548 8.43% /24h Volume in 24h $227.73M Price 7d dropped from $0.3917 to $0.3624. It is currently trading at , down by 31% on the weekly charts and by 10% on the daily.

Its trading volume saw a continual decline from 31st October onwards. It started out at $387,848,062 on Friday, on 1 November, it came down to $253,561,665 and then further declined to $185,700,974 on 2 November.

In the last 24 hours, its trading volume has increased; however, it is currently sitting at $244,642,889, marking a 56.30% increase in market activity.

(Source: Coingecko)

The decline in its price action has come after two strong weeks of gains, totaling around 20%, breaching the $0.50 level, which is now acting as an upper level resistance.

The negative pressure on ENA’s price action has resulted in the crypto shedding its market cap as well. From $3,162,489,112 on the 30 October to $2,766,268,350 on Sunday’s close (2 November).

ENA opened the week with a 1.67% dip, which extended into three straight lower lows before stabilizing near $0.40 during the weekend. However, it has not been able to maintain that position for long since it is now trading lower at . 

Unless $0.40 is claimed, ENA could stay trapped in this current feedback loop.

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Bearish ENA Price Action: Can It Retest $0.40 Soon?

ENA is showing weakness in its price action since it failed to maintain support at the $0.40 level, and has since then slid down to test the support at $0.35, from which it has earlier bounced off on 14 October.

(Source: TradingView)

If it hold above $0.35, it could stabilize within 1-2 weeks and then try to retest the $0.40 resistance level. This, however is contingent on BTC and ETH maintaining their positions.

A drop below $0.35 level may delay the recovery, with $0.29- $0.30 acting as the next support zones.

Right now, it is trading below its 20-day EMA at $0.3872 and 50-day EMA at $0.41. For ENA to bounce back, it needs to start by capturing these two EMAs. Given that it has just hit support, it’s a wait and watch game to see if it bounces back from this level or slides down further.

$ENA/USDT The price is in a descending channel. We expect the price to grow slightly to correct and then continue to fall. Given the strong downward trend, we cannot expect much of an upward trend. pic.twitter.com/cpFafmufgg

— Catalyst Traders (@CCatalyst_2) November 3, 2025

Also, the RSI (Relative Strength Index) is at 30, indicating the price is nearing oversold levels and might bounce back.

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What’s Causing The Negative Pressure?

ENA has been on a losing streak ever since the 10 October liquidation event. The amount of money locked into the platform i.e. the Total Value Locked (TVL) has dropped off a cliff.

It fell from $14.818 billion on 10 October to its current $9.41 billion, according to DefiLlama’s data. This means that users are pulling out funds or are closing their positions, which could in turn lead to less liquidity and lower transaction fees.

(Source: DefiLlama)

At the same time, interest from everyday traders is also fading. Data from CoinGlass shows that the value of all open ENA futures contracts has dropped by 10.27%, now sitting at $492.74 million as compared to $727.49 million last week.

This suggests that traders are becoming more cautious and cutting their exposure to ENA.

(Source: CoinGlass)

Adding to the bearish pressure is the $63.05 million worth of ENA token unlock that is scheduled to take place this week, which makes it about 2.52% of its its supply.

$312M IN TOKEN UNLOCKS COMING THIS WEEK

Major one-time unlocks: $ENA, $MEME, $MOVE, $MAVIA

Daily linear unlocks: $SOL, $TRUMP, $WLD, $DOGE, $AVAX

How are you positioning? pic.twitter.com/6HsuvCV5Q0

— Wise Advice (@wiseadvicesumit) November 3, 2025

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