Ethena (ENA) Faces Strong Resistance at $0.5: Can Bulls Push Higher?

Ethena’s Price Battles Key Resistance Zone

Ethena (ENA) has been consolidating below the crucial $0.5 resistance level, with buyers attempting to regain control. The past month’s price action and liquidation heatmap suggest that the $0.48-$0.515 range is a strong liquidity zone that could determine ENA’s next big move.

With Bitcoin’s (BTC) recent volatility, the broader crypto market remains uncertain. BTC hit resistance at $92.8K on March 6 and faced rejection, influencing altcoins like ENA. The key question remains: Can ENA bulls break through the $0.5 resistance, or will sellers maintain dominance?

ENA’s Market Structure and Buyer Momentum

Daily Chart Analysis

ENA’s price action on the daily chart continues to show a bearish market structure, characterized by lower highs and lower lows throughout 2025. The last significant lower high was at $0.48, meaning a daily close above this level could signal a shift in structure and a possible uptrend.

Despite the prevailing bearish sentiment, recent trading activity shows signs of increased volume, which has pushed the On-Balance Volume (OBV) beyond the local highs of the last two months. This suggests a growing interest in ENA, with buyers attempting to gain momentum.

Additionally, the Relative Strength Index (RSI) is currently testing the neutral 50 mark, an indication that momentum could be shifting. A successful RSI move above this level would further reinforce the bullish case.

4-Hour Chart and Range Formation

Zooming in on the 4-hour chart, ENA has formed a range with its upper boundary within the $0.5 resistance zone. At press time, bulls were pushing against the 25% range level at $0.448.

While a breakout above $0.5 seems possible, traders should remain cautious. The broader market structure remains bearish, and resistance between $0.48-$0.5 could trigger a reversal. A failure to close above this range could invite further downside pressure, with bears aiming for targets at $0.412 (mid-range) and $0.34 (range low).

Liquidation Heatmap and Liquidity Clusters

Data from Coinglass highlights the $0.48-$0.515 region as a key liquidity cluster. Historically, price tends to gravitate toward high-liquidity zones before making a decisive move. This means that a test of $0.5 is highly likely, but whether bulls can sustain a breakout remains uncertain.

For swing traders, an invalidation of the bearish bias would require ENA to move beyond $0.52, indicating a stronger bullish trend. Otherwise, traders may look to sell the retest of $0.48-$0.5 and aim for lower support levels.

Conclusion: Will ENA Break the $0.5 Barrier?

While buyers are showing strength, the resistance at $0.5 remains a significant hurdle. If ENA can close above $0.5 with strong volume, it could signal a bullish shift. However, as long as the broader trend remains bearish, caution is advised. Traders should closely monitor BTC’s price action, as its volatility could impact ENA’s trajectory.