Ethena announced the launch of the JupUSD on the Solana network. It was the latest Ethena Whitelabel stablecoin to go live.
The launch of the stablecoin leverages the Ethena infrastructure to allow Jupiter [JUP], the Solana-based decentralized exchange, to act as the issuer.
In addition to the above, bullish wider market sentiment also helped boost ENA prices in recent days.
Ethena bulls reclaim a key level as support
The 1-day chart showed Ethena [ENA] bulls were beginning to regain control.
Though the longer-term trend was bearish, there were hopeful signs. The second half of December saw ENA prices coil under the $0.218 local resistance.
A breakout beyond this level greeted the birth of the new year, and ENA has flipped the $0.238 level to support as well.
The OBV was climbing in recent days to show increased buying pressure, but was still below the highs from December. The MACD was about to make a bullish crossover above the zero line to signal a momentum shift on the daily timeframe.
Assessing the bearish scenario for ENA
This was the less likely outcome.
Because the $0.23-$0.25 region has been an important support zone since June 2025. This area was retested in November and defended before prices plunged below it once again.
If Ethena bulls can defend this support level over the next week or two, traders’ bias can remain bullish.
In other news, AMBCrypto reported investors were exiting USDe, which suffered a greater hit from outflows than other stablecoins.
Traders’ call to action – Price action can get interesting
The hourly chart showed that $0.24 was a short-term demand zone and a retest would present a buying opportunity.
A price drop below $0.23 would invalidate the setup. Bulls would be targeting the $0.266-$0.280 area to take profits, as well as the $0.30 and $0.36 higher timeframe resistances.
The Liquidation Map showed that there was a chance that ENA might not dip toward $0.24 right away. The Cumulative Short Liquidation leverage overhead was higher than the long liquidations.
This meant that a liquidity hunt to $0.261 was possible. This might be followed by a price dip to $0.23-$0.24 that could give a buying opportunity.
Final Thoughts
- The Ethena momentum is bullish, and more gains are likely, especially if the $0.24 demand zone can be defended in the coming days.
- A drop below the $0.234 level would signal short-term bearish strength and a potential retracement toward $0.220-$0.225.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
