ambcrypto.com
Ethena [$ENA] had reached a local high of $0.136 on Friday, the 17th of April. At the time of writing, the altcoin was trading near the same high once again, but has been unable to breach it.
A month ago, AMBCrypto had reported that the higher and lower timeframe bias for $ENA had been bearish. A break of the $0.095 and $0.12 highs would shift the 4-hour and 1-day timeframes bullishly.
This bullish shift has come to pass in recent weeks. With $ENA bulls knocking insistently on the doors of the next resistance at $0.136, should traders be betting on continued bullish momentum or expect a rejection?
Ethena has established an uptrend
The swing high at $0.12 on the daily timeframe produced the new swing low (green) at $0.765, keeping the market structure bearish in the process.
In April, when Bitcoin’s [BTC] bid to climb to $80k faltered at $76k, $ENA bulls registered a bullish structural break with a daily session close above $0.12.
Since then, a minor pullback to the $0.1 round number demand zone ($0.0988 to be exact) was followed by another rally past the $0.12 level.
The Ethena price structure and the DMI both signaled an uptrend in progress. However, the volume indicators cast some doubt on this bias.
The A/D was in an active downtrend, and the OBV was not close to breaching the mid-April highs.
Traders’ call to action- Stay bullish
The 4-hour chart appeared to show a range formation between $0.10 and $0.13. The mid-range level at $0.115 has been respected as support during the most recent leg higher, reinforcing the argument.
Yet, the price has closed an H4 trading session above the range highs. This indicated further bullishness was more likely than a pullback.
Traders can be cautiously bullish and manage their risk accordingly if looking to go long. Invalidation of the range breakout would be an H4 session close back below $0.128, the lower timeframe’s higher low.
Bitcoin volatility over the weekend or on Monday can disrupt $ENA’s bullish bias.
Final Summary
- Ethena has established a bullish structure on the 1-day chart after being in a downtrend since October 2025.
- The current bullish momentum is momentarily at the $0.13 local highs, but looks more likely to continue higher than retrace.