Ethena Price Holds Key Support at $0.67, Eyes Rally Towards $0.96

Ethena price holds support at $0.67, eyes rally toward $0.96. Despite the correction, the bullish trend structure remains intact. The zone has proven significant due to overlapping technical confluences, including the midpoint of the Bollinger Bands and the 0.618 Fibonacci retracement. Breaking through $0.96 resistance would confirm continuation toward higher bullish targets.

Ethena (ENA) has shown resilience as its price holds support at $0.67, setting the stage for a potential rally toward $0.96. Despite a recent correction, the bullish trend structure remains intact, with significant technical confluences supporting this upward movement.

The $0.67 level has proven to be a critical support zone, aligning with the 0.618 Fibonacci retracement and the midpoint of the Bollinger Bands. This confluence of technical indicators has provided a strong foundation for a potential bounce, preserving the current uptrend [1].

The next major resistance level is $0.96, which has not been tested since earlier in the year. A breakout above this level would confirm continuation toward higher bullish targets and establish new yearly highs [1].

Volume data also supports the bullish outlook, with sustained above-average buying activity indicating ongoing demand and trader participation at current price levels [1].

In the immediate short term, a pullback to $0.67 would not be bearish but rather a potential buying opportunity. A successful bounce from this level could propel ENA toward $0.96, keeping the bullish market structure intact [1].

Recent price action has seen Ethena face resistance at $0.825, coinciding with the upper limit of the Bollinger Band and the 23.6% Fibonacci retracement level. However, the current price action suggests that Ethena is poised to test support at $0.67 and potentially reverse toward $0.96 resistance [2].

Investors are advised to monitor the stability of USDe APY and potential bullish catalysts from large exchange listings such as Binance, as these factors could influence Ethena's price movement [2].

References:
[1] https://crypto.news/ethena-poised-for-bullish-breakout-toward-0-96-resistance/
[2] https://pintu.co.id/en/news/193455-ethena-price-drops-amid-crypto-rally-here-are-3-pressure-factors-that-made-ena-weaken/amp