This Analyst Predicts That Ethena (ENA) Price Could Reach New Highs Soon – Here’s Why

The price of Ethena has had a strong day, nearly 17%. However, with recent developments, market watchers think it might be ready for another upward move.

Cryptocurrency Ethena (ENA) enjoyed a surge in price on Monday, registering an increase of nearly 17%. This recent development has prompted market observers to speculate that the token may be poised for another upward move.

In a recent tweet, crypto analyst GONZO shared ENA’s weekly performance chart, highlighting its strong trend pattern and what he termed a “liquidity grab” – both positive signs for the token.

His analysis has garnered attention, especially given ENA’s status as one of the market’s best performers over the last period.

Breaking Down ENA’s Price Chart: Uptrend, Liquidity Grabs and More

On the weekly timeframe, ENA’s price showcases a well-maintained uptrend, characterized by higher highs and higher lows. The analyst pointed out the liquidity grab, where Ethena’s price briefly dipped below a support zone before recovering, as a bullish indicator.

This suggests the potential for buyers to re-enter the market, keeping the broader trend intact.

Support appears to align with the weekly EMA, possibly the EMA20, which has consistently acted as a buffer for price declines. Resistance zones are evident near recent highs around $1.20 to $1.30. Holding above the weekly EMA would support the continuation of the trend, while a weekly close below it could signal a deeper correction.

Key Resistance Levels in Focus for ENA Chart Analysis

On the daily timeframe, ENA shows a pullback with price trading below the EMA100 and other short-term EMAs. These moving averages present key resistance levels that must be breached for the trend to regain bullish momentum.

The recent price action also includes a liquidity grab, aligning with the weekly perspective. The analyst highlighted the importance of flipping the EMA100 and reclaiming the daily trend, which could pave the way for new highs. Failing to reclaim these levels could lead to further downside and a retest of lower support zones.

Analyst’s Outlook and Strategy on ENA Price

Throughout the tweet, GONZ O appears optimistic about ENA’s price, considering its history of strong market performance. In the tweet, the analyst mentions being “still in my long,” indicating confidence in recovery while awaiting confirmation of a bullish reversal.

This outlook aligns with the belief that ENA’s price could be among the first coins to bounce back, provided it reclaims the highlighted levels. Both daily and weekly analyses point to a pivotal period for ENA as traders monitor its ability to regain critical price zones.

The next steps for ENA will hinge on price action around the EMA100 and the weekly EMA. A successful reclaim of these levels could attract more buyers and lead to a continuation of the broader trend. Conversely, failure to hold support could lead to further consolidation.

As Ethena navigates these technical levels, market participants are following updates from analysts like G O N Z O, who remain optimistic about the coin’s recovery potential. For now, the charts suggest that ENA’s price trajectory will depend on its ability to balance near-term resistance and support.

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