Ethena Corrective Move Setting Up for higher

Ethena (ENA) is consolidating after a strong bullish expansion, with price action now approaching a critical support zone. Technical indicators suggest a higher low could trigger the next leg up toward $0.96.

Following a notable rally from recent lows, Ethena’s price action has shifted into a corrective phase, giving bulls an opportunity to reset before potentially driving the market higher. The 67-cent support level, in confluence with the 0.618 Fibonacci retracement, is the immediate area to watch for a possible bullish reversal and continuation of the uptrend.

Key Technical Points:
Support Level: $0.67 high-timeframe support in confluence with the 0.618 Fibonacci retracement.
Resistance Target: $0.96 as the next major upside objective.
Market Structure: Bullish bias remains intact despite current corrective move.

Since establishing a strong bullish expansion from the lows, ENA has entered a healthy corrective phase, allowing the market to absorb recent gains. This retracement has brought price action closer to the 67-cent high-timeframe support level, which is aligned with the 0.618 Fibonacci retracement—a widely regarded area for trend continuation in technical analysis. Holding this zone could confirm a higher low formation, an essential ingredient for sustaining the current bullish market structure.

The bullish outlook remains supported by consecutive higher highs and higher lows on higher timeframes, indicating that momentum has not been broken. From a structural perspective, the market remains in an uptrend, and the current decline appears to be a standard pullback within that trend rather than the start of a reversal. A confirmed higher low at $0.67 could act as a springboard for renewed buying pressure.

In addition to the price structure, the volume profile shows healthy participation levels during the prior rally, suggesting that there is underlying demand. For continuation to $0.96, ENA will need to see a rise in bullish volume upon retesting support. This would strengthen the likelihood of price reclaiming intermediate resistance zones before targeting the next high-timeframe level.

What to Expect in the Coming Price Action:

If $0.67 holds as support and a higher low forms, ENA is likely to resume its bullish trend, with $0.96 being the next target on the upside. A close below $0.67 would weaken this outlook, potentially triggering a deeper retracement before any further upside attempts.