Many tokens from the Ethereum ecosystem were pumping yesterday after it was finally clear that ETH ETFs will start trading.
Following ARB, ENS, and ETC yesterday, Ethena joined the party today. The ENA price was “calm” yesterday but suddenly pumped 10% this morning and is now trading around $0.47.
Ethena pumped to $1.5 levels in April but failed to have any big pumps ever since. In fact, on the Ethena chart, we can see that the price is trading in the typical descending triangle pattern, marked with purple lines.
A descending triangle pattern is a bearish chart formation characterized by a flat bottom and descending top trendline, often indicating a potential downward breakout.
Source: TradingView
Today’s pump hasn’t helped much in terms of the ENA price breaking out of this channel. Ethena holders and potential investors should be aware that the price needs to break out of this channel if there’s going to be any significant pumps.
Bullish Technical Indicators
This morning, the MACD signal line crossed the MACD line, which is typically considered a bullish signal as it indicates a potential trend reversal or continuation of an uptrend.
RSI on a daily chart is 54 – this is also seen as bullish since it has room for growing until the overbought area at 70, suggesting potential for further upward movement.
So technicals do seem promising, and the ENA price could break the $0.5 level today, before the next resistance zone at $0.55.
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If this second zone is breached, then Ethena would break out of its channel and enter a “discovery” mode.
Discovery mode refers to a period when an asset’s price moves beyond previously established highs or resistances, potentially leading to increased volatility and price exploration in uncharted territory.
Read also: Analyst Predicts XRP Price ‘Explosion’ Following Ripple vs SEC Settlement, Points to Key Event This Week
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The post Ethena “Wakes Up” Following ETH ETFs – Here’s Where the ENA Price is Headed Next appeared first on CaptainAltcoin.
