Ethena's ENA token has rebounded 8.8% following the sale of 14 million tokens — worth approximately $2.7 million — by BitMEX co-founder Arthur Hayes, but the asset continues to trade below its 200-day moving average as analysts lay out divergent scenarios for the token's next move.

Ethena is the decentralized finance protocol behind the USDe synthetic dollar, with ENA serving as its governance token. Analysts CryptoBullet and Crypto Patel have each mapped potential paths for ENA, with both tracking possible gains. Their outlooks differ, however: CryptoBullet expects a prolonged correction before any sustained breakout, while Crypto Patel has identified a sequence of upside targets — a split illustrating how the same chart can support different technical readings. ENA currently trades near $0.211, above its 50-day moving average near $0.197 but below its 200-day average around $0.223, a level widely watched as a gauge of an asset's longer-term trend.

CryptoBullet Expects a Longer Correction Before Breakout

In a post on X, CryptoBullet said ENA rose fourfold between July and September, describing the rally as a sign of strength. The analyst classified the move as an aggressive five-wave impulse — a reference to Elliott Wave Theory, which models trending phases as five-wave advances followed by corrections — and expects a correction to unfold before another sustained breakout can take hold.

According to CryptoBullet, the pullback recorded so far has not been sufficient. He anticipates a prolonged flat correction and identified the 0.122–0.172 range as a potential buying zone ahead of a renewed advance.

ENA's chart shows the token declining from approximately 0.10–0.13 in late April toward 0.07–0.08 by mid-August. It then climbed back above $0.10 in late August before accelerating toward $0.285 in September. Selling pressure in October pushed the price back toward the 0.18–0.20 area before the recent recovery.

Crypto Patel Maps ENA Targets From $0.13 to $3

Crypto Patel highlighted a possible trend reversal on the higher-timeframe chart and listed $0.13 and $0.25 as initial price targets. The analyst also identified a series of longer-term targets at $0.50, $0.80, $1.25, and $3.

For now, ENA trades around $0.211. The 200-day moving average near $0.223 remains an important resistance area, while the 0.197–0.200 zone provides near-term support.

Network Activity and Key Levels Remain in Focus

ENA's chart also records major spikes in daily active addresses — a common on-chain measure of user activity — during June and again during the August–September rally. Network activity rose alongside the price advance, although recent readings alone cannot establish sustained adoption.

From a technical standpoint, a move above $0.223 could open the way toward resistance between $0.234 and $0.250 and strengthen the recovery outlook. Conversely, a break below $0.197 could expose ENA to further downside, with $0.180 representing another support level.