Key Insights:
- Ethena retested $0.65 support with moving average confluence, fueling a strong 16% rally afterward.
- Traders now eye $0.85 resistance, with Fibonacci retracements marking key downside support if rejection occurs.
- ENA gained 20% in a week, supported by steady volume and bullish technical market structure.
Ethena ($ENA/USDT) is moving toward local highs around $0.77, with the $0.85 zone seen as the next major resistance.
Altcoin Sherpa noted,
“$ENA will break the local highs imo but expecting some reaction on low time frames around $0.85.”
Charts show $0.8549 as a key barrier, which lines up with the prior swing high. Below, Fibonacci retracement levels mark support at $0.705, $0.613, and $0.538. These are viewed as likely zones for a pullback if price fails to clear the resistance.
Breakout Retest Fuels Rally
Trader Batman pointed to a recent breakout and retest that has given ENA added strength. Price broke above a descending trendline and then pulled back to retest the $0.65 area, which matched the 50-day moving average.
“Like I said, MAs are simple, yet effective,” Batman wrote, adding that the moving average acted as dynamic support. Since that retest, ENA has advanced more than 16%, validating the setup and drawing interest from traders following momentum plays.
Technical Setup Remains Bullish
With the breakout confirmed, ENA is now eyeing the $0.80–$0.85 range. Clearing this resistance could set up continuation toward higher levels, while rejection may lead to a retest of the support zones outlined by Fibonacci retracements.
Volume patterns show steady activity during recent moves, with phases of accumulation followed by sharp pushes upward. This behavior has kept the market structure tilted in favor of further attempts to break resistance.
Market Overview
Ethena was trading at $0.7645, a 4% gain in the past 24 hours. Daily trading volume stands at $740.74 million, and the token is up 20% over the past week.
Traders are now watching closely to see if ENA can sustain momentum and break above $0.85. A move through this level would mark a shift into a stronger trend, while rejection could leave price consolidating near current levels.
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