Is Ethena Set for a Breakout? Market Indicators Point Toward Next Bullish Leg

Key Points

1. ENA is retesting the key $0.43–$0.44 range, aligning with the 0.618 Fibonacci level, which could set the stage for a rally toward March highs near $1.27.

2. Despite a 4.03% drop in the last 24 hours, ENA has gained over 22% in the past week, indicating strong bullish momentum.

3. The MACD indicator remains in bullish territory, and the RSI reads 69.92, suggesting potential for continued upward movement.

4. On-chain data shows net outflows dominating since early November, but sporadic inflows suggest a possible reversal if sustained inflows above $5M return.

5. Technical analysis indicates that forming a higher low could signal a bullish continuation pattern, with potential medium-term targets at $0.66 and $0.86.