Ethena (ENA) prices are presently in the red zone during a broader crypto market correction. According to data from CoinMarketCap, the DeFi token recorded a significant 2.00% loss in the past day, with prices presently set hovering around $0.55. Amidst this price decline, top market analyst Ali Martinez has identified the major support regions that investors should monitor in the event of any further price retracement.
In the chart above, it is observed that the more intense (warmer) the color, the higher the greater supply concentration of ENA at that level. Based on this system, it can be inferred that the immediate support levels for ENA currently lie around $0.44 and $0.47, where significant price clusters have been formed in the last month. However, if a compelling selling pressure forces the ENA price below this support zone, investors should anticipate the next price halt around $0.35. This price region is presently the strongest support in the Ethena market, as shown by the deepest red horizontal bar on the CBD model, which represents an estimated $1 billion ENA supply cluster.
Notably, a price crash to the $0.35 support zone indicates a potential estimated 37.5% loss from current prices. Meanwhile, the CBD model also reveals that ENA’s next price resistance sits around the $0.60, at which lies the next immediate cluster above the spot price.
