Ethena (ENA) Gains Over 20% With Momentum Suggesting More Room to Run

Key Takeaways

• ENA completed a W-X-Y-X-Z correction.
• A new impulse wave is unfolding on lower timeframes.
• $0.443 is key resistance for bullish breakout continuation.

Ethena (ENA) completed a prolonged correction and is now showing signs of initiating a new impulsive uptrend.

 A W-X-Y-X-Z complex correction follows a clear five-wave structure on the macro chart. 

Recent breakouts and wave formations support a bullish continuation scenario.

ENA Price Analysis

The 4-hour chart shows a classic five-wave impulse that peaked at $1.31 on Jan. 4. From January through early April, ENA entered a complex W-X-Y-X-Z correction. 

This pattern bottomed at $0.25 on April 7, completing the final wave Z of the correction, forming a strong base.

A descending channel formation defined the downtrend, and the April 9 breakout above its upper trendline signals the start of a new bullish phase. 

The first uptrend led to a high of $0.35 on April 12, followed by a pullback.

On April 16, the price retested its prior low and established a double bottom.

Since then, another upturn has been seen, with ENA gaining over 20% since yesterday’s higher low and currently revisiting its prior high.

The 4-hour Relative Strength Index (RSI) has climbed above 70, indicating overbought conditions and hinting at a potential pullback. 

The next critical resistance lies at $0.443 (0.786 retracement of the full decline), followed by resistance at $0.63 (0.618 Fib).

This structure suggests the macro bottom is likely in, and ENA may aim for a larger recovery.

ENA Price Prediction

The 1-hour chart shows a well-developed impulsive recovery after the final Z-leg of the correction. 

From the April 7 low at $0.25, ENA completed a five-wave structure as wave (I) of a higher degree, followed by a clean wave (ii) correction that ended at $0.26.

Wave (iii) is unfolding and just broke through the 0.786 level at $0.336.

If momentum sustains, this wave may extend toward the 1.272 Fib at $0.382 or the 1.618 Fib at $0.415.

RSI is overbought, which is why we could see a temporary pullback or consolidation before further upside.  

A retracement zone for (iv) would be around $0.356, followed by a final push toward $0.45 for wave (v).

If this microstructure plays out, this impulse’s full wave (v) may terminate near $0.45, a key resistance cluster from both Fib confluence and higher-timeframe levels.

Downside invalidation lies at $0.30, a break below which would challenge the bullish outlook.

Key Levels to Watch

• Major Support: $0.309 (0.5 Fib), $0.25 (local low).
• Immediate Resistance: $0.443 (0.786 Fibonacci retracement).
• Breakout Confirmation: Break above $0.443 with strong volume.
• Invalidation Level: Drop below $0.30 undermines bullish wave count.
• Fractal Watch Zone: $0.45–$0.50 (macro Fib resistance zone).