It seems that Ethena (ENA) is entering a critical phase, with traders monitoring price behavior around a major accumulation zone. Recent signals from cryptocurrency analysts suggest a potential breakout, drawing attention to the risk-reward profile of the asset.
Ethena's market activity has shown signs of strength despite broader volatility in the cryptocurrency market, maintaining focus on its price structure. With increasing bullish momentum above the strong support level, attention has shifted to critical resistance levels.
The current price range may pave the way towards higher targets if conditions align.
●▪︎ The price of Ethena (ENA) remains above the critical support level at $0.27
Chart analysis indicates that Ethena is trading above its long-term support level at $0.27. This support has facilitated several bounces in recent months, forming an upward trend line.
The price is currently stabilizing around $0.34, a level referred to by some traders as a major accumulation zone.
According to trader Crypto Patel, this range may present an opportunity before larger movements occur. He confirmed that ENA has maintained its structure well, as the chart forms higher lows. The support line, highlighted in green, has remained intact during recent corrections.
Patel, a cryptocurrency expert, indicated that a breakout above $0.45 could trigger rapid price expansion. The chart he shared illustrates an expected trajectory with consecutive targets: $0.68, $1.25, $2.60, and possibly $5. This sequence indicates increasing momentum should resistance be breached.
The $0.45 level represents a key threshold for the continuation of the upward trend. If breached with strong trading volume, the market could react quickly. Previous consolidation phases suggest the possibility of rapid movements, provided buyers maintain their strength above the resistance level.
●▪︎ Market sentiment and ENA trading volume data
Despite a slight decline, ENA recorded a 7.74% rise over the past week, according to CoinGecko. The 24-hour trading volume exceeded $323 million, demonstrating sustained interest. However, the asset recorded a decline of 4.29% over the past 24 hours, reflecting short-term volatility.
These fluctuations remain common in smaller market cap assets with increasing interest. For this reason, traders are advised to assess risks before entering trades. The price levels indicated by analysts are not guaranteed outcomes but rather indicators of potential increases.
Crypto Patel stated that ENA's structure represents a high-risk, high-reward scenario. With clear accumulation and identification of key areas, speculative interest is rising. Common targets depend on ENA sustaining its momentum and surpassing layered resistance levels.
As the price approaches $0.34, all eyes are on whether it will break the $0.45 level. If this occurs, the move towards anticipated higher targets could accelerate, in line with the long-term bullish patterns evident on the chart.
