Ethena (ENA) Price Shows Strength – Could This Be the Start of a Major Rally?

ENA is showing resilience in the crypto market, contrasting with Bitcoin's (BTC) weaker performance.

Ethena (ENA) price has shown resilience in the cryptocurrency market, especially in contrast to Bitcoin’s weaker performance. Over the past 24 hour, the price of ENA has increased by 6.50%, with trading volume also going up by 53.88%. At the time of writing, the asset is trading at $0.4506.

On the other hand, Bitcoin seems to be stuck in a holding pattern, which has led some crypto analysts to shift their attention to ENA’s price action instead.

Among those who shared their thoughts on ENA’s momentum is crypto expert Altcoin Sherpa, who acknowledged the coin’s strength but preferred to adopt a wait-and-see approach before making a move. Another top analyst, Cryptomannn, stated that among all the assets, he feels only ENA is setting up well at the moment.

These insights align with technical indicators, which suggest that ENA’s price may be at a key inflection point as it approaches a major resistance zone.

Technical Indicators Suggest Ethena Strength

ENA’s price has gone through multiple phases, transitioning from a period of decline to consolidation. The asset found support at lower levels before exhibiting an upward push.

As the price tests a key resistance, the 200 EMA is providing an indicator of longer-term resistance. The 100 EMA previously acted as dynamic resistance, while the 50 and 20 EMAs are providing momentum signals in the short term. Breaking above these indicators has led to increased buying interest.

Volume has increased during the latest price surge. If the price of ENA manages to break through resistance with strong volume, it might be a factor in confirming an uptrend. Conversely, a failure to breakout could lead to a potential pullback.

Bitcoin Weakness Shifts Market Focus to Ethena

Bitcoin has been slow to react, pushing traders toward interesting setups on altcoins like ENA. According to Cryptomannn, there aren’t really any good trading setups or takes for BTC right now. This might be a reason why more people are focusing on Ethena’s price action.

Although Bitcoin is still the biggest cryptocurrency, its sideways movement has traders looking at other assets. The difference between Bitcoin’s slow performance and Ethena’s recent strength has become a major topic of discussion among crypto analysts.

Ethena Key Resistance And Support Levels

ENA is approaching a major resistance zone, which has historically been difficult for the asset to break through.

If the price manages to pierce through this zone with high volume, it could be a strong signal for more upside potential. However, if the breakout attempt fails, we might see ENA’s price bouncing back to the consolidation range.

Support levels are also crucial for traders who are monitoring potential retracements. The lower boundary of the previous trading range has acted as a strong demand zone, preventing further price declines.

Short-term EMAs could also provide dynamic support if the price experiences temporary pullbacks from the new highs.