Here's Why ENA Could Reach $1 Soon | Credit: Veronica Cestari
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Key Takeaways
Ethena (ENA) has fallen by 26% since Aug. 11.
The price might have completed an A-B-C correction.
Has ENA reached its low or will it fall again?
Ethena (ENA) has been on a turbulent ride, dropping sharply since mid-August while giving mixed signs on whether the correction is complete.
Despite its pullback, technical indicators still show bullish momentum, hinting this dip could be temporary.
Now, the big question is whether ENA has already bottomed out, or if another leg down awaits.
ENA Price Analysis
Since its launch, Ethena’s price has traded inside a horizontal range between $0.30 and $1.25.
It validated the range high and low several times during this period, the most recent being a bounce in June.
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Despite the decrease, momentum indicators are still bullish. The Relative Strength Index (RSI) is above 50, and the Moving Average Convergence/Divergence (MACD) is positive.
So, the long-term Ethena technical analysis suggests the token’s trend is bullish, and the current price decline is just a temporary dip rather than a long-term trend reversal.
ENA Correction Over?
The daily time frame chart shows that ENA has completed a five-wave upward movement (green) between June 22 and Aug. 11.
While that part is clear, there is uncertainty about whether the correction is complete.
The Ethena token has finished an A-B-C structure (red), with waves A and C having a 1:0.618 ratio, and the price has reached the 0.382 Fibonacci retracement support level.
The main issue with this count is its duration, which pales in comparison to the length of the upward movement.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
