Finance

Is Ethena (ENA) Price Ready to Hit a New All-Time High? Here’s What the Charts Reveal

4 hours ago
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Is Ethena (ENA) Price Ready to Hit a New All-Time High? Here’s What the Charts Reveal

Key highlights:

  • Ethena price finds good support at $0.64, and there are investors holding out for a potential breakout above $0.67-$0.70.
  • On-chain indicators indicate 140 Million ENA removed from exchanges over four days, which implies reduced sell pressure.
  • Technical setup indicates potential for upside to $0.74-$0.76, but a dip below $0.64 would jeopardize further losses.

Ethena price prediction: Can ENA rebound from $0.64 support and aim for a fresh rally?

Ethena has been on traders’ radars as both technical charts and on-chain data are flashing some interesting signals. 

The token is sitting around $0.6432 after sliding from its recent highs, and the big question now is whether ENA’s price is gearing up for a bounce or if more downside comes first.

Ethena exchange withdrawals hint at accumulation

One of the more talked-about developments came from Ali Martinez’s tweet, who shared on X(Formerly Twitter) that 140 million ENA tokens were pulled off exchanges in the last 96 hours. 

That’s a hefty withdrawal and usually indicates tokens are moving into self-custody or staking. In theory, fewer coins on exchanges means less immediate sell pressure.

But here’s the catch: the ENA price hasn’t reacted much yet. Ethena is still trending lower, stuck in a pattern of lower highs and lower lows since mid-August. So while the reduced exchange supply could set the stage for a move higher, it doesn’t automatically spark a rally. Demand still has to show up.

Right now, ENA price is hovering around the $0.64-$0.65 support zone, which has been holding up for a few sessions. If buyers continue defending this area, the lower exchange supply could add some fuel if the market turns upward.

ENA wedge breakout could kickstart momentum

Another setup worth watching is the falling wedge pattern. This is usually seen as a bullish reversal, and according to Hexa Trades, ENA price just broke through the wedge’s resistance line around $0.655-$0.660.

The wedge formed as the price kept grinding lower within two converging trendlines. Now that the breakout is in play, traders will be looking for confirmation, ideally a close above resistance and a clean retest of the breakout zone at $0.65-$0.66. Hold that area, and ENA could push toward $0.67-$0.70, which is the next big resistance.

If momentum really picks up, higher targets like $0.74-$0.76, $0.80, and even $0.84-$0.86 come into view. But if Ethena price falls back under $0.65, the breakout weakens. Lose $0.616, and the whole wedge setup gets invalidated.

Ethena EMA and Fibonacci levels add more context

A third angle comes from Altcoin Sherpa, who indicated that ENA price is sitting on a textbook confluence zone. 

On the 4-hour chart, price is right at the 200 EMA and the 0.382 Fibonacci retracement, both clustered around $0.614-$0.616. Add in a horizontal support level from late July, and you’ve got three signals lining up in the same spot.

Why is that significant? In solid trends, the 0.382 Fib level is usually a shallow correction before the next leg up. Add to that an ascending 200 EMA, and that implies that the overall trend is still intact, unless ENA price closes convincingly below that level.

Provided this support holds, a rebound towards $0.67-$0.70 appears to be the initial sensible move. More forceful buying may then carry the price into the $0.74-$0.76 zone and possibly even back to the $0.80-$0.85 highs. 

In the event that ENA price dips below $0.614, on the other hand, the spotlight shifts down to $0.59–$0.60, and potentially $0.539, where the 0.50 Fibonacci retracement can be found.

Final thoughts

Right now, Ethena price is sitting at a crossroads. On-chain data shows fewer tokens on exchanges, chart patterns hint at a breakout, and technical confluence levels indicate strong support nearby.

But the market still needs to prove it, a clean move above $0.67-$0.70 would be the first sign that ENA is ready to climb again.

According to current Ethena price predictions, ENA could rebound in the coming weeks, with projections targeting a move toward $0.74-$0.76 if support at $0.64 holds.

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Source: https://coincodex.com/article/71880/is-ethena-ena-price-ready-to-hit-new-all-time-high-detailed-chart-analysis-and-forecast/