- ENA’s recovery from Fibonacci 0.618 indicates a bullish setup, with $2.61 as the final target.
- Analysts predict that ENA’s rally will break above the $1.46 resistance, bringing medium- and long-term gains.
Ethena [ENA] showed a strong technical setup, with the price structure forming a higher low within a defined ascending channel.
This price move has caught the attention of market analysts, who see the potential for further gains based on the Fibonacci retracement levels and key resistance targets.
The technical setup indicates a bullish trend
ENA acted on $0.915 at the time of writing, with a 24-hour trading volume of approximately $1.24 billion, reflecting a 5.80% increase in the past day.
The price recently returned to the Fibonacci level of 0.618, a commonly observed support zone in bullish markets.
This level, which coincides with the lower limit of the rising channel, acts as a springboard for potential upward momentum.
According to the analysis of Rose Premium Signals,
“ENA shows bullish potential as it bounces from a strong Fibonacci 0.618 retracement zone within an ascending channel.”
The analyst highlights this setup as an example of disciplined market structures that provide trading opportunities.
Source:
Key targets and resistance levels
ENA’s current price action is in line with medium- and long-term targets, which could see the cryptocurrency test higher levels. The first target is $1.6373 and marks a key resistance zone.
A break above this level would confirm the bullish outlook for ENA in the medium term. The second target is at $2.1521, with some selling pressure expected. The continuing trend suggests that this level is achievable.
A long-term target of $2.6178 represents the top of the expected move within the ascending channel. This is achievable if the momentum continues.
Moreover, another analyst, Bitcoin Meraklısı, said noted the importance of the resistance level of $1.46, an important threshold within a cup structure that has formed since ENA’s listing.
The analyst noted:
“We believe the real upside will begin when ENA rises above this level.”
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Network activity and market sentiment
ENA’s recent price increase coincides with broader market activity. Large transactions peaked in mid-December 2024, with more than 600 transactions recorded, indicating greater participation from larger investors. InTheBlok facts.
Source: IntoTheBlock
However, transaction volume has declined since then, with 124 large transactions recorded in the last 24 hours.
Meanwhile, address activity data shows that the number of new addresses has fallen by 14.70% over the past seven days, while active addresses and zero-balance addresses have also declined by 3.33% and 21.48% respectively.
Source: IntoTheBlock
Read Ethena [ENA] Price forecast 2025-26
This trend indicates some slowdown in network growth, although the price action indicates continued interest in the asset.
ENA shows bullish momentumbouncing off the Fibonacci 0.618 retracement within a rising channel, indicating potential for further gains.
Credit : ambcrypto.com
