Ethena (ENA) Eyes $1.33 Target After Short-Term Pullback

A downturn within a channel has brought Ethena (ENA) back to a crucial support trendline. Will buyers drive a comeback and set the stage for a new peak formation?

As the 52nd largest cryptocurrency in the market, Ethena struggles to maintain its footing at the $1 psychological level. With a 2.55% recovery in the past 24 hours, it remains one of the few tokens in the green while the broader market declines.

Although Ethena has experienced an 18.45% rise over the past 7 days, the recent pullback has dropped its market cap below $3 billion. Will this pullback lead to a sharp correction, or is a reversal on the horizon for a new swing high?

Ethena (ENA) Price Analysis

On the 4-hour chart, Ethena’s price action forms a rising channel pattern. During the recent market pullback, the price action reversed bearishly within the channel’s trendlines.

Ethena (ENA) Price Chart

The downfall saw Ethena’s price drop from $1.1475 to a 24-hour low of $0.86483, marking a nearly 25% pullback and testing the local support trendline.

However, the price is now holding steady above the crucial support level, signaling a potential bullish comeback. Following a quick reversal, Ethena saw a 4.02% price jump in the past four hours, forming a bullish candle and challenging the short-term supply line.

Additionally, it has established dominance at the center pivot level of $0.9791. Currently, ENA is trading at $1.02, up by 5% at press time, suggesting the possibility of a bullish rebound.

The MACD and signal lines have both reached the center level and are closing the bearish gap, supporting the chances of a bullish reversal. Should a bullish crossover occur, the MACD indicator will trigger a buy signal for Ethena.

Ethena Price Targets

According to the pivot levels, the immediate resistance for Ethena is at $1.1977, the R1 resistance pivot level. If the price breaks above this, the trendline breakout could challenge the R2 pivot level at $1.3361.

In the event of a broader market crash, especially if Bitcoin tests the $90,000 support, Ethena could break below the support trendline. In such a scenario, key support levels for Ethena are at $0.8107 and $0.5921.

Source