Ethena Price Rises 11.23% as Key Support Holds and $0.96 Target Looms

Ethena (ENA) has seen a significant price increase of 11.23%, maintaining a firm hold above the key support level of $0.47. This level, previously acting as resistance, has now become a crucial support zone following a successful retest, indicating strong bullish momentum. The price’s ability to form a higher low suggests the potential for a continuation of the upward trend, with the next major target set at $0.96 [1].

The recent rally has been supported by a notable rise in trading volume, signaling active buyer participation at key levels. Unlike previous attempts to push above $0.47, which lacked sufficient volume and failed to sustain momentum, the current move shows clear signs of demand. This increased activity strengthens the case for a sustained bullish trend [1].

Technically, the $0.47 level is structurally significant as it aligns with the value area high and VWAP support, creating a confluence of support indicators. This alignment increases the likelihood of the price forming a solid base at this level, potentially serving as a launching point for further gains. The formation of a higher low further reinforces the possibility of continued upward movement [1].

Looking ahead, $0.96 is the next critical resistance level. This target corresponds to a former swing high from a previous rally and is a logical point where sellers may re-enter the market or traders may take profits. For ENA to reach this level, it must continue forming higher lows on lower timeframes and maintain its current momentum [1].

As long as the $0.47 support remains intact, the bullish bias for Ethena remains valid. With rising volume and favorable structural support, the price could potentially move toward the $0.96 resistance in the short to medium term. Investors are closely watching these developments to determine whether this rally could evolve into a broader trend [2].

Source: [1] Ethena price surges 11.23%: key support holds with $0.96 target in sight (https://crypto.news/ethena-price-surges-11-23-key-support-holds-with-0-96-target-in-sight/)

[2] Ethena Price Rises 11.23%: $0.96 Target Ahead (https://m.economictimes.com/crypto-news-today-live-04-aug-2025/liveblog/123081462.cms)