Ethena ($ENA ) Open Interest Surges Past $1B Bullish Momentum Building?
Ethena is back in the spotlight, climbing over 5% on Thursday to trade around $0.63, as market sentiment shifts bullish and open interest (OI) in futures crosses the $1 billion threshold.
Rising Open Interest Signals Strong Bullish Interest
After dropping to $916 million during last week’s correction, OI has surged past $1 billion, indicating a renewed appetite for leveraged long positions. This shift highlights growing trader confidence and could set the stage for a push toward the $0.70 resistance and potentially beyond.
Shorts Take the Hit Amid Positive Funding
According to CoinGlass, $4.2 million in derivatives were liquidated in the past 24 hours — $3.63 million of which came from short positions. Rising funding rates and aggressive short liquidations reinforce the bullish thesis for $ENA.
Technicals Support a Short-Term Upside
Price remains above key EMAs:
50 EMA at $0.58
100 EMA at $0.55
200 EMA at $0.48
The MACD shows bullish continuation with the blue line above the signal line.
The 4H RSI nears overbought levels, indicating strong buying momentum.
However, resistance near a previously broken trendline may delay further gains. A daily close above $0.60 could confirm strength, with bulls eyeing $0.70 and a potential move toward the psychological $1.00 mark.
