Ethena price has corrected into a high timeframe support zone backed by multiple technical confluences. Despite the pullback, the bullish trend structure remains intact, opening the door for continuation toward $0.96.
Summary
- Strong Support: $0.67 acts as a key high timeframe support with confluence from the Bollinger Bands midpoint and 0.618 Fibonacci.
- Bullish Market Structure: Consecutive higher highs and higher lows remain intact despite correction.
- Upside Potential: A break above $0.96 resistance would confirm continuation toward higher bullish targets.
The recent correction in Ethena (ENA) price action has shifted attention toward a critical support level at $0.67. This zone has proven significant due to overlapping technical confluences, including the midpoint of the Bollinger Bands and the 0.618 Fibonacci retracement. While corrections often signal weakness, ENA’s broader market structure remains bullish, with consistent higher highs and higher lows, suggesting this move may simply be a setup for the next leg higher.
Key Ethena price technical points
- Strong Support at $0.67: Confluence of Bollinger Bands midpoint and 0.618 Fibonacci retracement.
- Bullish Market Structure: Consecutive higher highs and higher lows remain intact.
- Resistance at $0.96: Breaching the swing high would confirm continuation toward upside targets.
From a structural perspective, ENA continues to respect its bullish trend despite the short-term corrective move. The $0.67 support level has emerged as the most critical zone, not only because of the Fibonacci alignment but also due to the Bollinger Bands midpoint. Historically, this zone has provided solid footing for trend continuations, and holding it will confirm the establishment of another higher low in ENA’s bullish trajectory.
Market structure is often the most important factor when evaluating sustainability in bullish conditions, and ENA has continued to post consecutive higher highs and higher lows. This indicates that demand remains strong and that the correction should be viewed as a consolidation phase within an ongoing bullish cycle.
If the $0.67 level holds, ENA has the potential to retest immediate resistance at $0.96, which coincides with the prior swing high. Breaking through this level would signify bullish continuation and strengthen the case for higher targets in the medium term.
Volume data also reinforces the bullish bias. The current influx of trading activity on the volume profile highlights active participation from buyers around the $0.67 region. This kind of volume expansion during a corrective move suggests accumulation rather than distribution, a key distinction that often precedes further rallies.
The broader technical picture supports a bullish outlook, provided ENA maintains structural integrity above $0.67. A decisive close above $0.96 will confirm a continuation of the current bullish projection and open the path toward higher price targets.
What to expect in the coming price action
ENA remains bullish as long as the $0.67 support holds. If confirmed, this support will provide the base for a rally into $0.96, with volume strength acting as confirmation for continuation higher.
