Ethena shed 12.6% in 24 hours, with trading volume rising 37% and Open Interest dropping 16%, suggesting traders were taking profit after a 118% two-week rally that pushed the price to $0.295. Spot volumes indicated overheated market conditions, and the $0.19 magnetic zone is expected to act as a sweep point before any recovery above the descending trendline resistance. As long as the price stays above $0.17, the daily chart structure remains firmly bullish, with OBV steadily rising over the past two months. However, a Bitcoin correction below $80k could undermine ENA’s bullish prospects.
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