TLDR:ENA rallied 10.02% in 24 hours to $0.2223, with trading volume reaching $134.14 million on the dayThe $0.22 resistance zone has consistently rejected price attempts with upper wicks signaling supplyMACD compression and RSI in mid-40s indicate momentum equilibrium between bulls and bears currentlyA clean 4-hour close above $0.22 with volume would invalidate bearish thesis and trigger rally movesEthena (ENA) is trading at $0.2223 as of writing after recording a strong 10.02% rally in the past 24 hours. The token also posted a 6.55% gain over the past week. Trading volume during the 24-hour period reached $134.14 million, reflecting heightened market interest. However, technical analysis suggests the cryptocurrency now faces a critical test at its ascending channel resistance.The recent price surge has pushed ENA back into the upper boundary of its well-established trading channel. Market observers note that this zone around $0.218–$0.22 has consistently acted as a rejection point. The current price behavior indicates sellers are defending this level with increased intensity.Channel Structure Signals Potential ReversalENA has maintained its ascending channel pattern for several weeks now. The structure shows consistent higher lows but repeated failures to break above the upper trendline. Recent price action demonstrates that dip buyers remain active near the $0.20 support level. The latest impulsive move from this lower support showed considerable strength on the charts.Market analysis from CryptoPulse highlights that ENA is showing rejection signs at the channel resistance. $ENA at channel resistancePrice has pushed back into the upper boundary of its ascending channel and is starting to show signs of rejection As long as $ENA stays below the $0.22 area, downside continuation toward the lower channel support at 0.2 remains likely.… pic.twitter.com/oWNzi7MwQM— CryptoPulse (@CryptoPulse_CRU) January 2, 2026The tweet notes that downside continuation toward the lower channel support at $0.20 remains probable. This view holds validity as long as the token stays below the $0.22 threshold.Technical patterns reveal upper wicks and hesitation candles forming near the resistance zone. These formations typically indicate supply exceeding demand at higher price levels. The chart structure suggests a classic range expansion scenario where price oscillates between channel boundaries.Momentum Indicators Point to Equilibrium PhaseDaily chart indicators present a neutral to cautiously optimistic picture for ENA. The MACD histogram has contracted significantly and hovers near the zero line. This compression indicates that bearish momentum is losing strength rather than accelerating downward.The RSI currently sits in the mid-40s range after recovering from oversold conditions. This metric places the indicator firmly in neutral territory without clear directional bias. Source: TradingViewThe narrowing gap between MACD lines typically precedes either a bullish crossover or extended consolidation.Together, these momentum readings suggest the market is entering an equilibrium phase. Bears no longer control the immediate direction, yet bulls have not established dominance. The lack of expansion in negative histogram bars confirms that selling pressure is not accelerating. The setup typically precedes increased volatility in either direction as the market prepares for its next move. A clean 4-hour close above $0.22 with volume expansion would invalidate the bearish thesis and potentially trigger continuation toward higher resistance levels. Until that occurs, caution appears warranted at current levels as the market respects established channel boundaries. The post ENA Price Tests Channel Resistance at $0.22 After 10% Rally as Momentum Signals Shift appeared first on Blockonomi.