Ethena (ENA) Trades Near $0.12 as Sell-Off Extends

Selling Pressure Spreads Across the Market

Ethena (ENA) fell 3.85% over the past 24 hours, the figure that now frames the token's short-term direction. The Ethena price trades near $0.12, roughly 0.8% below the level recorded at 13:10 UTC on November 15, after a session in which selling pressure and leveraged unwindings spread across digital assets. An earlier reading of the day had put the token at $0.1212, so the decline continued past the level first reported. The drop is not ENA's alone. The total market cap of tracked cryptocurrencies fell 3.53% over the same window, and Bitcoin's daily drop came in at 3.23%. ENA's loss exceeds both, which places the token among the session's relatively weaker large caps at rank 42, with a market cap near $1.63 billion and about $390.6 million traded over 24 hours. The immediate driver is market-wide rather than token-specific. Derivatives data shows forced liquidation activity across the market in recent sessions, and unwound margin-trading positions amplified the slide as prices fell. When prices drop quickly, forced selling from over-leveraged books deepens the move, which is the mechanism most often cited for sessions like this one. Broader context reinforces the caution: sentiment reads 10 out of 100 on the Fear and Greed Index, deep in extreme fear, and Bitcoin's 68.9% share of the tracked market shows where the remaining risk appetite is parked. On its own, however, the market's weakness does not fully account for ENA's 3.85% loss, since Bitcoin itself fell 3.23% over the same period. The shortfall against Bitcoin matters, because a token losing more than the market leader in a broad drawdown usually carries an added, token-level pressure of its own. Whether that pressure is structural supply or simple positioning will decide how long the discount lasts.

ENA's underperformance against Bitcoin and Ethereum predates today's drop. A market snapshot taken on November 14 already showed the token falling further than both of the largest assets, so the 3.85% decline extends a relative weakness that had been building for at least a day. No confirmed, token-specific adverse event sits behind the move. An unverified social post circulating over the weekend claims that 1.41 billion ENA from the October 5 unlock is still flowing into circulating supply, a supply-overhang argument that has not been independently checked. Separate reporting on November 14 described a new liquidity facility involving Ethena Labs, and while additional supply pressure could follow from such an arrangement, the evidence does not yet support treating it as the trigger. The short-term pivot the market is watching is $0.1180. If ENA holds that line while the market-wide selling calms, the decline has a reasonable chance of stabilizing. If $0.1180 gives way, the risk of a second leg lower rises, and how deep that leg runs would depend partly on how quickly Bitcoin's own 3.23% daily loss eases. Prior coverage of the Binance hacker's ENA sale had already traced a descending channel, so the token arrives at this test inside an established downward structure. Short-term market assessments describe a bearish bias for the token unless it finds stability and the pressure on the wider market fades. No confirmed ENA calendar items were identified for the days ahead, so the direction over the next 24 to 48 hours hinges on that single level rather than on a scheduled release. On the supply side, stablecoin supply growth across the Ethena ecosystem has been the narrative driver in recent weeks, which is why any unverified supply claim moves sentiment quickly. For holders, the checklist is short: the $0.1180 line, Bitcoin's own drawdown, and any verified news on supply.

Support Stacked at $0.1090

The strongest support for ENA sits at $0.1090, scored 98 out of 100 on COINOTAG's composite scale, with the nearest resistance at $0.1263, scored 89/100. Momentum agrees with the price action: the RSI stands at 29.54, close to oversold, and the perp funding rate reads -0.0055%, paying shorts to stay in position. The 3.85% drop therefore leaves ENA trading inside the band between those two levels, with $0.1180 the line that decides whether the 98/100 floor is ever tested. The current picture shifts if the market-wide selloff fades and price reclaims $0.1263; it worsens if $0.1180 breaks and the market turns to the stronger floor below. Readers who want the full level map can follow the updated ENA technical analysis.