Ethena (ENA) Surges 6.67%, Eyes $0.39 Breakout
Key Takeaways
- Ethena (ENA) recorded a 6.67% price increase within 24 hours.
- This price surge could indicate an impending breakout from an inverse head-and-shoulders pattern.
- Historically, this pattern has led to significant price gains for ENA.
- Technical indicators such as netflow, open interest, and funding rate suggest strong buying interest.
- A successful breakout could push the price up to 0.39 USD.
Current Price Development of Ethena
In recent days, the price of Ethena (ENA) has shown a notable recovery. Within one week, the price rose from a low of 0.25 USD to as high as 0.35 USD. At the time of this analysis, the price stood at 0.3342 USD – an increase of 6.67% within 24 hours. On a weekly basis, this marks a gain of 8.04%. However, compared to the previous month, ENA is still down by 3.54%.
Technical Pattern with Potential
According to well-known crypto analyst Ali Martinez, ENA is currently forming an inverse head-and-shoulders pattern. In technical analysis, this chart pattern is considered a potential signal for an upward trend reversal. If the breakout succeeds, the price could rise toward 0.39 USD.
A look at the past shows that Ethena already climbed from 0.90 USD to 1.32 USD in December 2024 following a similar pattern. The current setup shows parallels, which is drawing increased attention from market participants.
Netflow Indicates Buying Pressure
An important indicator of market behaviour is the so-called spot netflow. This measures the difference between token deposits and withdrawals on exchanges. Currently, the netflow stands at -693,200 ENA. A negative value means that more tokens are being withdrawn from exchanges than deposited – a sign that investors are buying and holding their assets.
Rising Trading Activity in Futures Market
The futures market also shows a clear trend. The buying volume for ENA futures rose to 173.72 million tokens within a day. This suggests that many traders are opening new long positions – betting on rising prices.
At the same time, aggregate open interest increased from 262 million to 278.2 million USD. This figure shows how much capital is currently tied up in open futures contracts. A rise indicates growing interest in the asset.
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Funding Rate Supports Bullish Scenario
The aggregate funding rate is another technical indicator. It shows whether long or short positions dominate. Currently, the rate is positive – indicating that more traders are betting on rising prices. This market sentiment reinforces the bullish scenario.
What Happens if a Breakout Occurs?
If ENA does indeed break out of the inverse head-and-shoulders pattern, the price could initially reach the 0.37 USD level. With continued positive market sentiment, a rise to 0.39 USD is also possible. However, if the breakout fails, a fallback to 0.30 USD cannot be ruled out.
Our Assessment
Ethena is currently showing clear signs of a potential price rally. Technical patterns, trading volume, and market sentiment all point to an impending breakout. However, it’s important to keep in mind that setbacks are also possible – especially if the broader market environment shifts. Anyone watching or investing in ENA should monitor developments closely in the coming days.
Sources
- CoinGlass
- Messari
- Coinalyze
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $1,573.85 |
| 24h % | -4.36 % |
| 7d % | 7.65 % |
| 30d % | -17.48 % |
| 60d % | -41.94 % |
| 1y % | -48.82 % |
| Market Cap | $190,300,263,144.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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