After months of a downward trend, Ethena (ENA) is forming a potential bullish reversal pattern.
Currently, ENA trades around $0.1103, holding steady despite recent market volatility.
The token has experienced a 52% drop over the past three months, reflecting broader market pressures.
Trading volumes, however, remain healthy, hitting over $105 million in the last 24 hours, indicating strong market activity.
Furthermore, the token’s total value locked (TVL) has reached more than $6.958 billion.
This shows that despite price fluctuations, there is significant liquidity and adoption within its ecosystem.
Ethena technical outlook
Technically, according to analyst GainMuse, ENA appears to be forming a downward channel that is now testing a breakout.
The critical support level sits near $0.125.
If the token maintains this support, it could signal a bullish reversal in the short term.
On the upside, the next target is around $0.150, a key resistance level where sellers may emerge.
This range is important for traders looking for potential profit-taking points.
A failure to hold $0.125 would invalidate the bullish setup and could lead to further downside.
Momentum indicators also suggest that the token is approaching an area historically associated with rebounds.
Short-term trading ranges indicate that ENA has been moving between $0.107 and $0.113 over the last 24 hours.
Over the past week, it has fluctuated slightly higher, suggesting consolidation before the next move.
The combination of a strong support base and a clear breakout pattern makes this an interesting setup for traders.
Ethena ecosystem growth and demand
Beyond price and charts, ENA’s ecosystem has shown remarkable growth.
The synthetic dollar $USDe has seen a meteoric rise over the last nine months, from a market cap of $120 million to roughly $6.22 billion on February 20, 2026.
This surge highlights accelerating demand for ENA’s utility within its platform.
Such growth adds a layer of fundamental strength to the token’s potential upside.
The increasing adoption of USDe indicates that ENA is not just a speculative asset.
It reflects real usage and liquidity within its ecosystem.
This gives the bullish setup more weight, as price moves are supported by underlying demand.
ENA price forecast
Overall, ENA combines strong ecosystem growth, solid liquidity, and a technical setup that traders will watch closely in the coming weeks.
Ethena’s current price action suggests the possibility of a bullish reversal if the key support holds.
The support around $0.125 is crucial for maintaining upside potential.
If the token breaks above $0.150, it could signal a stronger short-term recovery.
At the same time, investors should remain cautious.
A drop below $0.125 could invalidate the bullish scenario and lead to further losses.
https://invezz.com/news/2026/02/20/ena-price-outlook-as-potential-bullish-reversal-pattern-form/
