Ethena Approaches Key Breakout: Will It Hit $0.35+ After Resistance Test?

Key Insights:

• Ethena tests resistance at $0.25; breakout could lead to targets like $0.35, $0.46, and more.
• Market conditions show fluctuations, with TVL in DeFi at $6.49 billion, signaling potential price changes.
• Support at $0.21 remains crucial; a drop below could trigger further bearish pressure.

Ethena (ENA) is currently testing the upper boundary of its descending channel on the 3-day timeframe. The price action is crucial as it could signal a breakout attempt. With resistance near the top of the channel, traders are closely watching for potential movement beyond this point.

Testing Resistance and Potential for Breakout

As of press time, Ethena’s price stands at $0.2465, showing a 4.21% increase over the past 24 hours. This upward movement comes as the cryptocurrency approaches a key resistance zone. The price has been consolidating in a descending channel, and the test of this resistance level could determine the next significant move.

The resistance zone is close to $0.25, and a successful breakout could lead to upward targets. If the price breaks above this resistance, Jonathan Carter predicted that there is a potential move toward $0.35, $0.46, $0.67, and even higher. However, if the breakout does not occur, there could be a return to the lower levels of the channel.

Market Conditions and Price Action

The broader market conditions are also affecting Ethena’s price action. As of the start of January 2026, the total value locked (TVL) in decentralized finance (DeFi) is around $6.49 billion, with token liquidity at $7.04 million. These metrics have fluctuated significantly in recent months, and the market appears to be undergoing a correction following peaks in 2025.

Despite these fluctuations, Ethena has managed to stay relatively strong, showing a modest rise in recent days. The 24-hour trading volume has reached $160,76M, indicating a healthy amount of trading activity. The trend is still uncertain, and the price could either break upward or face more consolidation.

Key Support Levels and Trading Volume

Ethena support is found at $0.21, and this level remains important for preventing further downside movement. If the price drops below this support, traders could expect further bearish pressure. On the other hand, if the resistance at $0.25 is broken successfully, higher targets such as $0.35 could become more attainable.

The current trading volume also plays a role in whether the breakout will occur. With significant volume in the past 24 hours, it suggests some momentum, but if the buying pressure can push the price past the resistance level.