Battered And Bruised Ethena Crypto Faces Continued Decline: When Can We Expect ENA Price to Bounce Back?
This past weekend, Ethena (ENA) experienced significant fluctuations in its price. While there were subtle indications of a potential increase, it ultimately succumbed to persistent selling pressure, resulting in a dump at the close of each session.
From the 1st to the 2nd of November,
Ethena
8.17%
Ethena
ENA
Price
$0.3412
8.17% /24h
Volume in 24h
$234.92M
Price 7d
dropped from $0.3917 to $0.3624. The current trading price is
, representing a 31% decline on the weekly charts and a 10% decrease over the day.
The trading volume has consistently decreased since October 31. It began at $387,848,062 on Friday, fell to $253,561,665 on November 1, and further decreased to $185,700,974 on November 2.
In the past 24 hours, trading volume has witnessed an uptick; however, it currently rests at $244,642,889, reflecting a 56.30% rise in trading activity.
(Source: Coingecko)
The drop in price comes after two weeks of strong gains, totaling around 20%, surpassing the $0.50 mark, which has now become an upper price ceiling level.
The selling pressure on ENA’s price has led to a reduction in its market capitalization as well, declining from $3,162,489,112 on October 30 to $2,766,268,350 at the market close on Sunday (November 2).
ENA kicked off the week with a 1.67% decrease, which extended into three consecutive lower lows, eventually stabilizing around $0.40 over the weekend. However, it could not sustain this position for long and is currently trading lower at
.
If the $0.40 level is not reclaimed, ENA may remain caught in its current downward spiral.
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Downtrend ENA Price Action: Can It Retest $0.40 Soon?
ENA has shown signs of weakness in its price performance as it couldn’t maintain base level at the $0.40 threshold and has since fallen to test the price floor at $0.35, where it had previously rebounded on October 14.
(Source: TradingView)
Should it long-term holding above the $0.35 mark, it could stabilize over the next week or two and then attempt to retest the resistance at $0.40. However, this depends on Bitcoin and ETH maintaining their respective positions.
A decline below the $0.35 level could postpone recovery efforts, with $0.29 to $0.30 acting as the next major support areas.
At present, it trades beneath its 20-day EMA at $0.3872 and the 50-day EMA at $0.41. For ENA to make a comeback, it must first reclaim these EMAs. Given that it has just reached support, it’s a matter of waiting to see if it rebounds from this level or continues to decline.
$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
Moreover, the RSI (Relative Strength Index) is at 30, suggesting that the price is approaching oversold conditions and may have the potential to bounce back.
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What’s Causing The Negative Pressure?
ENA has been struggling since the liquidation event on October 10. The Total Value Locked (TVL) in the protocol has plummeted sharply.
It fell from $14.818 billion on October 10 to the current $9.41 billion, according to DefiLlama’s data. This drop indicates that users are withdrawing funds or closing their positions, which could lead to reduced available volume and lower transaction fees.
(Source: DefiLlama)
Concurrently, interest from retail traders is waning. Data from CoinGlass reveals that the total value of open ENA futures contracts has fallen by 10.27%, down to $492.74 million from $727.49 million last week.
This trend indicates that traders are becoming increasingly cautious and reducing their exposure to ENA.
(Source: CoinGlass)
Adding to the downward pressure is the $63.05 million worth of ENA tokens set to be unlocked this week, accounting for approximately 2.52% of its total circulating supply.
$312M IN CRYPTO TOKEN UNLOCKS COMING THIS WEEK
Major one-time unlocks: $ENA, $MEME, $MOVE, $MAVIA
Daily linear unlocks: $SOL, $TRUMP, $WLD, $DOGE, $AVAX
— Wise Advice (@wiseadvicesumit) November 3, 2025
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Key Takeaways
- ENA price dropped 31% weekly, failing to long-term holding key $0.40 price floor level
- TVL declined post-October 10 crash, signaling reduced crypto holder confidence and liquidity
- Upcoming $63M coin unlock adds selling pressure, risking further downside in short term
The post Battered And Bruised Ethena Crypto Sustains Bleed-Out: When Will ENA Price Recover? appeared first on 99Bitcoins.
