Ethena (ENA) Eyes Breakout as 0.618 Fibonacci Support Holds Amid 4.03% 24-Hour Drop, 22.3% Weekly Gain

Ethena (ENA) is showing signs of a potential breakout as key technical indicators align with bullish momentum. The token, currently trading at $0.4606, has retested the critical $0.43–$0.44 range, which corresponds to the 0.618 Fibonacci retracement level. Analysts suggest this retest could pave the way for a sustained rally toward its March highs near $1.27, provided the support holds [1].

The token’s 24-hour performance reflects mixed signals: a 4.03% decline over the past day contrasts with a 22.3% weekly gain, highlighting underlying resilience amid volatility [1]. Technical indicators reinforce this duality. The Moving Average Convergence Divergence (MACD) remains bullish, with the MACD line above the signal line and a positive histogram, indicating intact upward momentum [1]. Meanwhile, the Relative Strength Index (RSI) stands at 69.92, nearing overbought territory (70), which signals strong buyer interest. A temporary pullback could form a higher low—a classic bullish continuation pattern—without derailing the broader uptrend [1].

On-chain data offers further nuance. Net outflows have dominated since early November, with peak outflows reaching $20 million during periods of heavy selling. These outflows correlate with the price decline since late March, underscoring persistent bearish pressure. However, sporadic inflows during dips suggest dip-buying activity, particularly at key support levels [1]. Sustained inflows above $5 million, coupled with price stabilization, would be critical for a meaningful reversal. Analysts note that such conditions could reinvigorate buying conviction, potentially pushing ENA toward intermediate targets of $0.66 and $0.86 [1].

The current consolidation phase follows a notable price run from $0.22 to $0.54, with bulls now aiming to reclaim prior highs. Analyst Ali Martinez describes this as a “bullish retest,” emphasizing that a successful hold at the $0.43–$0.44 range could validate the continuation of the uptrend [1]. While short-term volatility remains a risk, the combination of strong relative strength metrics and selective accumulation hints at a potential catalyst for renewed buying pressure.

Sources:

[1] [Is Ethena Set for a Breakout? Market Indicators Point Toward Next Bullish Leg] [https://coinedition.com/ethena-ena-price-bullish-retest-fibonacci-support/]