Ethena (ENA) has experienced a dramatic price journey in recent months. After reaching an all-time high of $1.52 in April, the price of ENA plummeted nearly 90%, reaching a low of $0.18 by September. However, the trend has reversed, with ENA showing strong signs of recovery. As of November, the cryptocurrency’s price has accelerated, fueled by significant purchases from Donald Trump’s World Liberty Financial. This wallet is known for buying decentralized finance (DeFi) assets, including AAVE, ENA, and ONDO, providing a major boost to ENA’s momentum.
Breaking Key Resistance Levels
The most recent price action on the 3-day ENA chart highlights a critical shift. Since November, ENA has surged and reached the $1 resistance zone in December. This level is crucial, as it coincides with both the 0.618 Fibonacci retracement and a significant horizontal resistance. Despite two rejections at this level, ENA has shown resilience and broke through earlier this week, reaching a high of $1.33 — its highest point in 246 days.
Currently, ENA is just 20% below its all-time high. If the price continues to climb, the next target is set at $2.34, determined by the 1.61 external Fibonacci retracement. The bullish sentiment is also supported by technical indicators. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are above their bullish thresholds, signaling further upward potential.
The Wave Count: Can ENA Reach New Heights?
Looking at the daily chart, ENA appears to be in the fifth and final wave of an upward movement. This wave structure suggests that the cryptocurrency may continue to rise toward its all-time high. The price could potentially reach $1.35 if the fifth wave extends by 0.618 times the length of the first and third waves. In the most bullish scenario, ENA could even hit $1.89 before encountering a retracement.
With no signs of bearish divergence from either the MACD or the RSI, the upward movement looks set to continue. While the long-term target of $2.66 is not confirmed, the likelihood of ENA reaching a new all-time high remains strong.
Also Read: Ethena (ENA) Approaches Crucial Support Trendline: Will Buyers Push for a Bullish Reversal?
ENA’s Bullish Outlook
The technical setup and positive news surrounding Ethena, including high-profile purchases by World Liberty Financial, suggest that ENA could soon surpass its previous all-time high. With strong momentum and solid market support, a price target of $1.89 to $2.66 is within reach in the coming months.
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.
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