Ethena Battles $0.36 Resistance – Will the Bears Crash the Party?

Ethena’s price action hinges on a make-or-break moment at $0.36—a level that’s either a springboard or a trapdoor. Traders are eyeing the charts like hawks, waiting to see if the bulls can hold the line or if another ’healthy correction’ (read: portfolio haircut) is inbound.

Market sentiment? Cautiously optimistic, but let’s be real—this is crypto, where ’technical analysis’ sometimes feels like reading tea leaves. One thing’s certain: volatility isn’t going anywhere, and neither are the leverage junkies riding this wave.

Will Ethena defy gravity or faceplant like an overleveraged hedge fund? Grab your popcorn.

ENA: Enough momentum for a breakout?

Source: ENA/USDT on TradingView

The technical indicators were leaning in favor of the bulls on the 1-day timeframe. The OBV saw a minor dip over the past two weeks as Ethena fell from $0.365 to $0.256.

The MFI also slumped following the losses of the past week.

Yet, the gains within the past 24 hours were accompanied by an uptick on the OBV and the MFI.

If this can be sustained over a period of a week or two, ENA WOULD have realistic chances of breaking out beyond the channel highs. At press time, the resistance region to watch was the $0.355-$0.365 area.

Source: ENA/USDT on TradingView

Zooming in on the 1-hour chart, a bearish divergence between the price and the MFI indicator was seen. This showed that the short-term upward momentum has overextended the market and that a correction was likely to occur.

Such a correction could see an ENA price dip to the $0.318 or the $0.313 levels, which were support levels in the lower timeframes.

Source: Coinglass

The liquidation heatmap data of the past month showed a cluster of liquidity that remained untested overhead.

A particularly dense cluster of liquidation levels was at $0.343, marking it as a price target in the coming days.

The $0.36 level was also a noticeable magnetic zone and a feasible price target. Traders already in long positions can consider taking profits around the $0.36 region, since it lined up well with the channel highs of ENA.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion