• ENA's Long/Short ratio in the last 12 hours reached 1.69, showing strong bullish sentiment.

• Important liquidation levels were near $395 and $409, with traders getting too leveraged at these levels.

Most of the digital currencies in the digital asset space are experiencing strong price increases or price corrections.

Against this backdrop, Ethena [ENA], a popular name associated with Telegram, is showing bullish signals, as it has retested a bullish price action pattern and is poised for a major breakout in the coming days.

The successful explosion of ETHENEA

According to technical analysis from TinTucBitcoin, Ethereum has broken out from an inverted head-and-shoulders price pattern and successfully tested the breakout level at $362.

After retesting the breakout level, ENA has started moving upwards, a positive sign for Token Holders.

Source: TradingView

Based on the recent price action, there is a strong possibility that ENA could surge 60% to hit $650 in the coming days.

However, the recent performance of this asset has attracted a lot of attention from investors and traders, and there is a similar expectation that has been created by ENA over the past week.

Investors and traders often see the breakout of the head-and-shoulders reversal pattern, along with a retest, as a positive sign and believe this indicates a successful breakout.

On-chain Convenience

The optimism about ENA's future is further reinforced by the Long/Short ratio, according to Coinglass, which reached 1.69 in the past 12 hours before the article was published, its highest level since late September 2024.

This remarkable Long/Short value shows strong bullish sentiment among traders.

Source: Coinglass

Additionally, ENA’s open interest has remained flat over the past 24 hours, suggesting that traders are waiting for the asset to close the day above $450.

At the time of writing, 62.86% of top traders hold long-term buy positions, while 37.14% hold short-term sell positions.

Important Liquidation Levels

Along with that, important liquidation levels were near $395 and $409, with traders getting overleveraged at these levels, according to Coinglass.

If market sentiment does not change and the price rises to $409, nearly $1.87 million worth of short positions will be liquidated.

Conversely, if sentiment switches and the price drops to $395, approximately $1.41 million worth of long positions will be liquidated.

This liquidation data shows that short-term sellers are waiting for the price to drop below $395, which is unlikely to happen given the bullish sentiment that is widespread across the cryptocurrency market.

Current price action

At the time of writing, ENA is trading near $402 after a modest price increase of 0.55% over the past 24 hours. During the same period, its trading volume has increased by 20%, indicating greater participation from investors.

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