• ENA’s bounce from Fibonacci 0.618 signals a bullish setup, with $2.61 as the ultimate target.
• Analysts forecast ENA’s rally above $1.46 resistance, unlocking mid- and long-term gains.

Ethena [ENA]  displayed a strong technical setup, with its price structure forming a higher low within a defined ascending channel. 

This price movement has caught the attention of market analysts, who see the potential for further gains based on Fibonacci retracement levels and key resistance targets.

Technical setup indicates a bullish trend

ENA was trading at $0.915 at press time, with a 24-hour trading volume of approximately $1.24 billion, reflecting a 5.80% increase in the past day.

The price recently retraced to the Fibonacci 0.618 level, a widely observed support zone in bullish markets. 

This level, which coincides with the lower boundary of the ascending channel, is acting as a springboard for potential upward momentum.

According to the analysis by Rose Premium Signals, 

“ENA is showing bullish potential as it bounces from a strong Fibonacci 0.618 retracement zone within an ascending channel.” 

The analyst highlights this setup as an example of disciplined market structures providing trading opportunities.

Key targets and resistance levels

ENA’s current price action aligns with mid-and long-term targets that could see the cryptocurrency test higher levels. The first target is $1.6373, marking an important resistance zone.<

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Author: Olivia Stephanie