Ethena’s price has shown some volatility after a choppy few weeks. Currently hovering around $0.65, the token is seeing modest gains of over 4% today as traders look to capitalize on renewed interest heading into September. The recent pullback in mid-August seems to have triggered a shift towards altcoins, and Ethena is experiencing a resurgence as buyers emerge. [Source: Coinank]
Analyzing the Ethena Chart
Ethena’s 4-hour chart shows its price confined within a tight range between $0.65 and $0.85. Following a significant rally in late July, the token encountered resistance and subsequently fell. Since then, Ethena has been trading sideways as it attempts to establish a firm foothold. A key level of significance is the $0.64 mark, where buyers consistently step in whenever the price dips near this zone. This pattern suggests Ethena’s recent price action is likely part of a consolidation phase following a substantial upward trend.
Market Signals: Volume and Open Interest
Trading volume has been steady at around $48M to $88M, with notable spikes observed whenever the token experiences significant momentum shifts. Open interest remains strong, exceeding $600M, indicating that derivative traders remain active despite recent price fluctuations. The short-term outlook for Ethena is showing a bullish sentiment.
Shorts and Longs: A Cautious Outlook
Long positions currently sit at around $1.19B, while shorts remain heavier at about $1.57B. This suggests caution in the market but also leaves room for a potential squeeze if ENA price breaks resistance and forces short sellers to cover.
Momentum Indicators and September’s Forecast: A Clear Direction? The key level of $0.72 is crucial for Ethena as a breakout could push prices towards $0.80-$0.85, levels previously reached during the summer. If this happens, it would signal a shift in sentiment toward bulls, leading to a stronger price surge.
Looking Ahead: A Cautiously Optimistic Outlook
Despite not breaking out yet, Ethena continues to show signs of strength with its recent low support level of $0.64 intact. This provides potential for a retest of the upper range of its price movement in September. Traders will be watching volume and open interest closely to determine if the next move can sustain this upward momentum.
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