Ethena Price Prediction: Where Could ENA Go Next After This Deep Correction?

By Afe Funbi

Ethena has quietly drifted into a part of the chart where markets usually start to slow down and think. After months of heavy selling, the price isn’t falling apart any longer. Instead, it’s hovering near a zone where buyers have stepped in before and where longer-term positioning often begins.

On the higher timeframe, the ENA price has stayed inside a clear descending channel since 2024. That structure hasn’t broken, but the price is now sitting right near the lower edge of it. From the outside, the chart still looks rough. Zoom in, and it starts to look more like a market that’s already taken a lot of pain.

Ethena’s selloff did most of the damage already

One thing that jumps out right away on CryptoPatel’s chart is just how deep this correction has been. The ENA price is down roughly 93% from its all-time high. Moves like that don’t leave much optimism behind. They flush out weak hands, force capitulation, and reset expectations across the board.

$100M Private Sale at $0.40… Now Retail Can Buy at $0.130. First Time Retail Gets Better Entry Than VC #ENA Is Trading Inside A Long-Term Descending Channel On The HTF Chart Since 2024.
Price Has Completed A Deep Multi-Leg Correction And Is Now Testing A Major Demand Zone At… pic.twitter.com/dE8UkWbqct

— Crypto Patel (@CryptoPatel) February 2, 2026

This wasn’t a quick drop either. Price worked lower in several legs, grinding down over time. That kind of move often drains selling pressure gradually instead of all at once. Even though the price still looks weak, the urgency from sellers appears to be fading.

Why this ENA level is getting attention

Right now, the ENA price is pressing into a major demand zone near the bottom of the descending channel. This is an area where previous selloffs struggled to extend lower and where buyers showed up before.

Just below current levels sits a broader accumulation range, roughly between $0.08 and $0.06. If price slips further, that’s the zone many will be watching closely. As long as ENA stays above it, downside pressure looks more controlled than panicked.

Context matters here too. Retail participants are now able to access ENA well below earlier private sale levels. That alone changes how risk and reward are viewed, even if price action remains choppy.

What an ENA bounce could look like

On the upside, the descending channel still defines the limits. Any recovery attempt needs to work its way back toward the middle of that channel before challenging the top. 

The chart shows possible recovery zones around $0.50 and $1.26, where price reacted before. On the other side of the debate, CoinCodex’s one-month ENA price forecast sits near $0.1008, keeping expectations in check.

That doesn’t mean ENA shoots straight up. Relief rallies inside downtrends are usually messy, with sharp pullbacks along the way. Still, if the ENA price starts reclaiming structure and holding it, the tone of the chart begins to shift.

A more optimistic outcome points toward the $3 area, though that would require sustained strength and a broader market environment that supports risk-taking.

None of this removes the risks. Token unlocks remain a factor, volatility is likely to stay high, and funding conditions still matter. This isn’t a clean setup. For now, the ENA price is sitting at a decision point.

Source:: Ethena Price Prediction: Where Could ENA Go Next After This Deep Correction?