- Ethena price is trading above its $0.646 support around the $0.618 Fibonacci retracement.
- The resistance is at $0.68, which is both the triangle top and the 0.5 Fib level.
- A confirmed breakout above $0.68 could aim to $0.703 and $0.729 Fibonacci levels.
Ethena price hits a crucial inflection point, and all eyes are on its next move. As the analyst notes, the ENA price is consolidating within a tightening triangle pattern, with growing pressure building below key resistance. With the price trapped between $0.68 and $0.60, a breakout or breakdown could start a major change in momentum. Traders should brace for more volatility in the sessions ahead.
Ethena Price Approaches Breakout Point in Ascending Triangle Formation
The 1-hour chart of Ethena price, posted by Ali (@ali_charts) on X, is showing a classic ascending triangle pattern, which generally indicates a bullish continuation if it is formed during an uptrend. The structure has been a series of higher lows forming on an upward sloping trendline that ultimately converge toward a flat resistance area around $0.68 – a key barrier that has been probed several times but not yet breached.
Ali notes this consolidation phase, adding: “Ethena price consolidates in a triangle pattern. Key levels to watch are $0.68 and $0.60!” This is the same as the technical picture, with $0.68 a neckline of the triangle and $0.60 a strong support level downside, around the swing low and the 1.0 Fibonacci extension level.
From the Fibonacci perspective, the resistance zone appears at $0.6833, which also matches the $0.5 retracement level off the recent high at $0.7741 to the recent low at $0.6031. The current price is currently trading slightly above a support level of $0.618 (or $0.6464) within this formation, trading around $0.6589.
A confirmed breakout above the $0.68 level – preferably with an accompanying volume surge – could take ENA price to the $0.382 Fib level at $0.7037, and possibly on to $0.7296 (0.236 Fib). Conversely, a breakdown below the ascending trendline and more importantly, under $0.6464, could pave the way for a move lower to $0.6324 (0.786 Fib) or $0.60.
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