Ethena (ENA) has displayed a robust technical setup, with its price structure forming a higher low within a well-defined ascending channel. This price movement has caught the attention of market analysts, who see the potential for further gains, driven by Fibonacci retracement levels and key resistance targets.
At the time of writing, ENA is trading at $0.915, reflecting a 5.80% increase in the past 24 hours, with a trading volume of approximately $1.24 billion. The price recently retraced to the Fibonacci 0.618 level, a widely observed support zone in bullish markets. This level, which coincides with the lower boundary of the ascending channel, has become a crucial support level, acting as a springboard for potential upward momentum.
According to analysis from Rose Premium Signals, “ENA is showing bullish potential as it bounces from a strong Fibonacci 0.618 retracement zone within an ascending channel.” This setup highlights the discipline of market structures, which can provide profitable trading opportunities for investors.
💰 $ENA/USDT$ENA is showing bullish potential as it bounces from a strong Fibonacci 0.618 retracement zone within an ascending channel 🧐. This structure sets the stage for a significant rally 🚀.
— Rose Premium Signals 🌹 (@VipRoseTr) January 19, 2025
Targets:
🎯 Mid-Term Target 1: $1.6373
🎯 Mid-Term Target 2: $2.1521
🎯… pic.twitter.com/sUGa4uZhK6
Looking ahead, ENA’s price action aligns with both mid- and long-term targets that suggest higher price levels. The first target is $1.6373, a key resistance zone that could signal a confirmation of bullish momentum if broken. A further rise to $2.1521 could occur, though selling pressure may emerge around this level. The longer-term target, $2.6178, represents the top of the ascending channel, achievable if upward momentum continues.
In addition, Bitcoin Meraklısı, another analyst, emphasized the significance of the $1.46 resistance level within a cup structure formed since ENA’s listing. The analyst suggests that substantial upward movement could begin once ENA surpasses this threshold.
Also Read: Ethena (ENA): The Rising Crypto Star Set to Dominate Weekly Gainer Charts in 2024
While network activity shows some slowdown, with a 14.70% drop in new addresses, the price action remains strong, signaling sustained interest in the asset. Ethena’s technical setup and the potential for breaking key resistance levels make ENA a coin to watch in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.