Ethena Set to Achieve ENA’s Immediate Goal of $1.63 and Beyond
Ethena [ENA] is currently demonstrating a robust technical setup, characterized by a pattern of higher lows within a clearly defined upward channel.
This price action has attracted the interest of market experts, who foresee the possibility of further advancements based on Fibonacci retracement levels and key resistance thresholds.
Positive Indications in the Technical Setup
At the time of writing, ENA was trading at $0.915, with a 24-hour trading volume of around $1.24 billion, indicating a 5.80% rise in the last day.
The price recently retraced to the Fibonacci 0.618 level, a commonly monitored support area during bullish market conditions.
This level coincides with the lower boundary of the ascending channel, serving as a launching pad for potential upward momentum.
As per the analysis by Rose Premium Signals, he mentioned:
“ENA exhibits bullish potential as it rebounds from a robust Fibonacci 0.618 retracement zone within an upward channel.”
The analyst emphasized how this setup showcases structured market behaviors that offer trading prospects.
Crucial Targets and Resistance Levels
The current price movement of ENA is in line with intermediate and long-term targets that could see the cryptocurrency explore higher price ranges.
The initial target stands at $1.6373, representing a significant resistance area.
Surpassing this level would affirm the optimistic outlook for ENA in the medium term. The subsequent target is at $2.1521, where a degree of selling pressure is expected. The prevailing trend indicates the achievability of this target.
A more extended target of $2.6178 represents the peak of the projected movement within the upward channel. This goal is attainable if the momentum persists.
Furthermore, another market analyst, Bitcoin Meraklısı, highlighted the significance of the $1.46 resistance level, a critical threshold within a cup formation that has developed since ENA’s debut.
The analyst commented:
“We anticipate the true upward surge to commence once ENA surpasses this threshold.”
Network Activity and Market Sentiment
The recent uptrend in ENA’s price aligns with broader market movements. Notably, there was a peak in substantial transactions in mid-December 2024, with over 600 transactions registered, indicating increased engagement from major investors, as per IntoTheBlock data.
However, transaction volume has since slowed, with 124 large transactions recorded in the past 24 hours.
Further data on address activity displays a 14.70% decrease in new addresses over the last seven days, along with reductions of 3.33% in active addresses and 21.48% in zero-balance addresses.
This trend suggests a moderation in network expansion, although the price movement indicates sustained interest in the asset, showcasing bullish momentum as ENA rebounds from the Fibonacci 0.618 retracement within the upward channel.