- Ethena (ENA) is consolidating near $0.248, showing early signs of a potential reversal above key support.
- RSI around 38.11 shows bullish divergence, hinting at fading bearish momentum.
- MACD is flattening near the signal line, pointing to a possible momentum shift.
- A break above $0.259 could trigger buying interest and push the price toward $0.262–$0.264.
Ethena (ENA) is showing signs of potential reversal, trading at approximately $0.248 after a minor correction. Despite still remaining lower than key moving averages, early signs are that there is emerging buying momentum as the token consolidates near a significant support level. If that trend is maintained, it can pave the way for a significant price bounce in the short term.
Also Read: Ethena Price Prediction: ENA Eyes Bullish Breakout Toward $0.95
Technical Base Supports ENA Reversal
One of the positive indications is from the Relative Strength Index (RSI), which at the moment is at 38.11. Still lower than the neutral 50 mark, but the RSI is also starting to stabilize and create an imminent bullish divergence against current price movements. Such an indication usually follows a reversal, and this can be an indication that sellers are running out of steam and buyers are starting to come back at lower prices.
Also, there are indications of a bottoming pattern from the Moving Average Convergence Divergence (MACD). Though still in negative ground at -0.00125 for the MACD line, it is starting to level off and approach the signal line. Should there be a crossing over, it would validate an upcoming change of momentum favoring an imminent price rally. The tightening histogram also favors diminished selling pressure.
Looking at the moving averages, ENA is approaching the 9-SMA at $0.259, which is currently closest resistance on an intraday basis. A breakout above would be followed by an advance towards the 20-SMA at $0.262 and then towards the 50-SMA at $0.264. With the price trading just short of such short-term hurdles, such a breakout would be an indication that an upward corrective phase can begin.
Ethena Break Above $0.259 Could Fuel Rally
Market structure reinforces that opinion as well. ENA seems to be developing a short-term bottom near the $0.245-$0.250 level, an area that was an earlier springboard for rallies during early May. Breaking and holding on to that support level is paramount, for it lays the groundwork for an impending reversal pattern and a reversal towards higher highs.
Ethena (ENA) may be gearing up for a rebound as technical indicators point to early signs of bullish momentum. A move above $0.259 could attract fresh buying interest and shift sentiment in favor of the bulls.
Until strength at $0.245 continues to hold, the setup favors an imminent breakout and short-term trend reversal. Traders would be looking for confirmation from momentum indicators as the market tests resistance on successive sessions.
Also Read: USDe Token Holders in EU Given 42 Days to Redeem as Ethena GmbH Exits Market