- Ethena price has a major resistance at $0.7068 and the recent volume and open interest has indicated that ethana price is likely to break out.
- The volume of Ethena has declined by 7.36% and the open interest has increased by 3.26, showing market consolidation and expectation.
- Ethena price has regained position at $0.6117 and key Fibonacci points show that future price movement may have support at $0.382 and $0.5.
Ethena price has been on a downward trend following highs of $0.8565 in early August. On August 27, it corrected itself to approximately $0.6117 and traders were left wondering whether it will recover or continue falling. As the price approaches the level of the critical Fibonacci resistance of $0.7068, all the attention is on whether this number will be overcome and the price will indicate a possible bullish movement.
Ethena Price Movements and Market Trends
Ethena price has been volatile recently, moving between July lows and the peak of August. The present pull back to 0.6117 is a common retracement. Analyst AltcoinSherpa notes that the 0.236 Fibonacci retracement at the 0.7068 level is the main resistance. Any break that might come above this would mark the conclusion of the retracement and would be a break that will open the way to a rally. 
Source: AltcoinSherpa/X
Ethena price movement of $0.7068 will be essential. Any breakout beyond this resistance would indicate the end of the pullback and a new uptrend might commence, which traders would be encouraged to confirm by the bursting up in volume and price trends.
Ethena price has experienced a decline in volume of 7.36 lending to less trading and possible consolidation. This usually results in more muted price action, yet an increase in volume at significant Fibonacci levels such as $0.618 and $0.786 can be evidence of purchase action. An increase in volume at the level of $0.7068 would be a possible breakout.
Source: CoinGlass
Open interest has increased by 3.26 and this implies that traders are placing positions, anticipating the trend to persist or reverse. The long/short ratio of 24 hours is nearly equal yet Binance has a slight lean towards longs which is a positive sign. Watch out for a breakout at the range of $0.7068, and this could drive Ethena price higher.
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