Will ENA break $0.2228 resistance amid continued buyer support?

Traders Union
All News
Crypto
Ethena rises 7.32% to $0.2113 today

Highlights

Ethena saw $10,000 in short liquidations with no long liquidations on Binance's ENA/USDT spot market, generating forced buy orders and fueling short-term upward price movement.
ENA's market capitalization reached $2.95 billion and ranked 38th among crypto assets during a period of heightened transactional activity.
Technical signals are bullish with ENA/USD trading above key moving averages, price expected to consolidate between $0.1971 and $0.2228 over the next 2 to 3 days, but mixed momentum indicators suggest overbought conditions and moderate trend strength.

Forced buys spur momentum as short liquidations boost ENA flows

Ethena (ENA) experienced $10,000 in short liquidations with no long liquidations detected on Binance’s ENA/USDT spot market at 3:15 a.m. ET, a development that generated forced buy orders and intensified upward price momentum in the short term, according to Tokenpost. This acute liquidation event amplified demand-side pressure and liquidity over a single trading window, encouraging additional speculative flows. ENA’s market capitalization reached $2.95 billion at that time, ranking it 38th among crypto assets and reinforcing its visibility for both institutional and retail participants during periods of heightened activity.

Upside capped by overbought signals despite strong buyer control

The MA-20 at $0.2012 and MA-50 at $0.2042, along with the MA-200 on the daily timeframe at $0.1244, all sit below current price levels. The Ichimoku Kijun provides immediate support at $0.2015. Intraday momentum signals are mixed: MACD points to buy while ADX is neutral, indicating present momentum with moderate trend strength. RSI also shows a buy setup, but CCI is in overbought territory and Stochastic RSI signals a strong sell, highlighting overbought conditions. Bull/Bear Power confirms buyer dominance, and the Awesome Oscillator supports the bullish mood, though conflicting oscillator readings raise caution about sustainability.

Consolidation favored with bullish bias if resistance breached

Looking ahead over the next 2–3 trading days, ENA is expected to remain within a volatility band of $0.1971 to $0.2228. The baseline scenario sees price consolidating between these levels, with a 78% probability of further upward movement and a 22% chance of downside. A bullish break above $0.2228 could trigger additional gains, while a drop below $0.1971 would mark a reversal toward support.

Anton Kharitonov, expert at Traders Union, sees mixed signals despite recent short liquidations boosting intraday buy-side pressure on Ethena. Technicals show buyer dominance, but several oscillators flash overbought risks. He remains cautious as volatility persists within the $0.1971 to $0.2228 range. "Until ENA clears $0.2228 on strong momentum, I view further upside as uncertain and maintain a defensive stance."

Earlier, analysts noted that Ethena faced continued downside risk and technical weakness despite solid underlying fundamentals and growing institutional engagement. The current price breakout above key moving averages and evidence of forced short liquidations mark a shift in momentum, making the $0.1971–$0.2228 volatility band a crucial zone for traders to monitor for potential consolidation or bullish continuation in the coming days.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.