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Ethena is holding strong above structural support after a sharp 11.23% rally, showing signs of bullish continuation. With volume rising and price holding key levels, the next stop could be $0.96.
- $ENA confirmed a bullish retest of the $0.47 support with strong volume influx.
- Price is forming a higher low, maintaining bullish market structure.
- $0.96 is the next major resistance and upside target if momentum continues.
Ethena’s ($ENA) recent price action confirms strength as it trades firmly above a critical technical region near $0.47. This level has previously acted as resistance but has now flipped into support, a textbook bullish retest. The region also aligns with the value area high and the VWAP support, creating strong structural confluence for a potential base to form.
Key technical points
- High Time Frame Support at $0.47: Critical level holding price up, now flipped from resistance to support.
- Strong Volume Profile: Bullish influxes suggest demand is active around current levels.
- Next Resistance at $0.96: High time frame target if support holds and structure continues upward.
From a technical perspective, the price is forming a potential higher low after reclaiming and holding above the $0.47 region. This area is not only structurally important as a former resistance level but also aligns with multiple high-probability support indicators like the VWAP and the value area high. These overlapping signals add confidence that this level may serve as a launchpad for further upside movement.
The volume profile adds even more weight to the bullish case. Since the rally began, there’s been a visible uptick in buying volume, a key metric that often precedes sustained momentum. Unlike previous rallies that faded without volume support, $ENA’s current move is showing real signs of demand.
What’s particularly significant is that this move comes after a clean retest. Previous price action had rejected from the $0.47 region, but now that it’s been reclaimed and defended, it solidifies the region as a newly established demand zone. Creating a base at this level increases the likelihood of the current trend continuing to the upside.
Looking ahead, the $0.96 level is the next high time frame resistance, and it remains the main target. This level also corresponds to a swing high formed during a previous rally, a logical point where traders may look to take profits or where sellers might step back in. For this target to be hit, $ENA needs to maintain its momentum and continue forming higher lows on the lower timeframes.
What to expect in the coming price action
As long as $ENA holds the $0.47 support, the bullish bias remains valid. With increasing volume and strong structural confluence, price could rotate toward the $0.96 resistance in the short to medium term.