- Ethena price is consolidating in a symmetrical triangle, setting up for a potential breakout toward $1.50.
- RSI near 71 signals Ethena could face a brief pullback before reaching $1.50, but bullish momentum remains strong.
- Ethena MACD bullish crossover suggests continued upward momentum, eyeing resistance levels at $1.28 and $1.47.
Ethena price has been showing strong bullish momentum recently, leading to speculation that it could soon reach $1.50. Traders are closely watching the formation of a bullish flag pattern, which suggests the potential for further gains if a breakout occurs. The asset’s price has been rising steadily, and this consolidation phase may set the stage for the next significant move upward.
Ethena Price Bulls Eye $1.50 With Bullish Flag and Triangle Formation
The Ethena 4-hour chart indicates that the price generated a symmetrical triangle that is an indicator of a consolidation and a possible breakout. The price pattern has been moving within the support and resistance zone, and a break above the upper trendline may incentivize a powerful bull trend. According to analyst Ali_Charts, the breakout will most likely be upwards, probably to reach above $1.50.
Source: Ali_Charts/X
Having approached the apex of the triangle, traders anticipate upward breakout on Ethena. Nonetheless, the Relative Strength Index (RSI) is currently in overbought territory (71) and the price might experience a short-term retracement prior to additional upside.
The Moving Average Convergence Divergence (MACD) indicates that it is now in a bullish crossover further underscoring the probability of the persistence of the up-trend.
Key Resistance Levels for Ethena Price as $1.50 Target Looms
Fibonacci retracement levels are especially important as Ethena price nears important resistance points. At $1.28 lies the $1.618 Fibonacci level that acts as a major resistance level. In case price breaks this, the target next is at $1.786 at around $1.47. A break of these levels might bring into reach the target of $1.50.
Source: Tradingview
Nevertheless, the Relative Strength Index (RSI) currently indicates that the asset is almost overbought and that a drop may commence, even though the bullish sentiment has been very strong. But the optimistic trend of Moving Average Convergence Divergence (MACD) is indicative of a probable next rise in the trend.
Conversely, the support level at $0.74018 is critical. Should Ethena sustain above this to the upside, it would reinforce the bullish trend leading towards targeting the $1.50 mark.
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