Ethena/Bitcoin Fails to Breakout Above 1.84e-06 Again

Summary
• Ethena/Bitcoin tested key resistance at 1.84e-06, failing to close above it.
• Price remained in a tight range near 1.82e-06–1.84e-06 with no clear breakout.
• Volatility dipped in the final hours, with volume declining despite stable turnover.

Ethena/Bitcoin (ENABTC) opened at 1.79e-06 on 2026-02-03 12:00 ET, reached a high of 1.84e-06, and a low of 1.77e-06, closing at 1.81e-06 on 2026-02-04 12:00 ET. Total 24-hour volume was 379,548.29, and notional turnover was 0.66489 BTC.

Structure & Formations

Price remained in a narrow range of 1.77e-06 to 1.84e-06 throughout the 24-hour period. Key resistance at 1.84e-06 failed to hold during multiple attempts, with price retreating to the 1.81e-06–1.82e-06 cluster. A small bearish engulfing pattern emerged at 1.84e-06 during the late hours, hinting at potential reversal.

Moving Averages

Short-term 5-minute 20-period and 50-period moving averages were closely aligned with the price action, indicating no strong directional bias. Daily 50-period, 100-period, and 200-period moving averages showed a neutral to slightly bearish alignment, with price hovering just above the 50-period.

MACD & RSI

MACD lines remained near the zero line, reflecting equilibrium between bullish and bearish momentum. RSI hovered between 45–55 for most of the period, indicating a neutral market. A minor overbought signal at 58 occurred briefly near 1.84e-06 but failed to sustain.

Bollinger Bands

Volatility remained compressed for much of the session, with price clustering near the middle band. A modest expansion occurred near 1.84e-06 but failed to produce a breakout. Price closed near the center of the bands, suggesting consolidation.

Volume & Turnover

Volume spiked during the 19:30–20:45 ET window, coinciding with the push toward 1.84e-06. Turnover remained stable despite volume fluctuations, suggesting that large price moves were largely contained. In the final 6 hours, both volume and turnover declined, indicating waning interest.

Fibonacci Retracements

Fibonacci levels drawn from the 1.77e-06 low to the 1.84e-06 high showed price hovering near the 61.8% retracement level of 1.81e-06. The 78.6% level at 1.83e-06 acted as a temporary ceiling, with price retreating afterward.

The market appears to be in a consolidation phase with no clear trend emerging. A breakout above 1.84e-06 could signal renewed bullish momentum, while a drop below 1.81e-06 may trigger further downside. Investors should remain cautious and monitor for a clear directional move.