Ethena Price Prediction: ENA Maintains Its Upward Trajectory and Could Clear $1.201 Soon

The Ethena price surged more than 15% in the last 24 hours to trade at $1.10 at press time.

Ethena Price Outlook

4-hour chart for ENA/USDT (Source: TradingView)

In the recent trading sessions, the Ethena price has showcased significant movements on the 4-hour chart, presenting a dynamic landscape for traders and investors alike. Starting from a closing price of $1.134, the crypto experienced a dip to $0.953, followed by a moderate recovery to $1.003 and an upward movement to $1.126 before slightly retracting to $1.107. This trajectory indicates a volatile but overall upward trend in the short term.

The 9 Exponential Moving Average (EMA) has been on a gradual incline in the past 48 hours. This progression underlines a bullish sentiment in the market, as the 9 EMA trails above the initial closing price, suggesting that buyers are gradually taking control.

Similarly, volumes have shown a varied pattern, with initial spikes, indicating a growing interest in ENA. However, a notable decrease in the latest 4-hour session could imply a temporary consolidation or a decrease in buying momentum, which traders should watch closely.

Considering the critical level of $1.201 as a potential resistance, traders might expect some resistance near this price point. A solid break above $1.201 could signal further bullish momentum, potentially making it a viable long entry point. Conversely, a failure to breach this level could lead to a retest of lower support levels, presenting short opportunities.

Potential Trade Ideas

For long positions, traders might consider entries on dips towards the 9 EMA, especially if the price shows rejection of lower levels, indicating sustained buying interest. For short trades, any rejection at the $1.201 level with significant volume could serve as an indicator to enter, with a close watch on the 9 EMA as a potential exit point to minimize losses.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.