Ethena continues to post strong bullish price action with consecutive higher highs and higher lows. A corrective move toward $0.67 could set the stage for the next leg higher toward $0.96.
Summary
- $0.67 is the key support level in confluence with the 0.618 Fibonacci.
- $0.96 is the next major upside target and yearly high resistance.
- Bullish volume influxes confirm sustained momentum in ENA’s uptrend.
The current uptrend in Ethena (ENA) has been supported by strong momentum, with price action expanding higher and maintaining market structure. A near-term pullback could provide a healthy reset, allowing the market to form another higher low and build momentum for a push into untested resistance levels.
Key technical points
- Near-Term Support: $0.67 high time frame support in confluence with 0.618 Fibonacci.
- Next Resistance: $0.96, untested since earlier in the year.
- Volume Profile: Healthy bullish influxes supporting sustained uptrend.
From a technical perspective, the $0.67 level is the most significant nearby support. This high timeframe support zone aligns with the 0.618 Fibonacci retracement, making it an ideal location for a bullish retest if a corrective move develops. A higher low forming here would preserve the current trend structure and provide a foundation for another rally.
The $0.96 high timeframe resistance is the next major upside target. This region has not been tested since it was lost earlier in the year, making it a critical level for price discovery if broken. A clean breakout above this region would establish new yearly highs and likely draw further bullish momentum into the market.
The volume profile supports this bullish outlook, showing sustained above-average buying activity. This is considered healthy in an uptrend, as it indicates ongoing demand and trader participation at current price levels. At present, there are no technical signs of the uptrend slowing.
In the immediate short term, a pullback to $0.67 would not be bearish but rather a potential buying opportunity. A successful bounce from this level could propel ENA toward $0.96, keeping the bullish market structure intact.
What to expect in the coming price action
If Ethena pulls back to $0.67 and holds, expect a reversal back toward $0.96 resistance. A breakout above this level would mark new yearly highs and extend the current uptrend.
