Ethena price breaks out: can ENA set a higher low

The Ethena price is drawing the attention of analysts after a notable breakout on the daily chart. At the time of writing, ENA is trading around $0.0847 and appears to be forming a potential higher low, which is technically a positive signal. Whether the rally continues, however, depends heavily on how Bitcoin and Ethereum perform over the coming week.

Ethena is available at OKX and Bybit.

Breakout and retest on the daily chart

Analyst DaanCrypto points to a breakout combined with a retest on the ENA chart. On the chart, a descending trendline is visible that has been acting as resistance for months. After a breakout above that trendline, the price returns to that level for a retest, a classic technical pattern that, if successful, can serve as a springboard for further gains.

On the chart, DaanCrypto highlights two previous bottom formations in the shape of a cup pattern, followed by a potential third bottom now forming around $0.0847. The green support zone around $78 appears to act as a safety net. If ENA manages to stay above the retest level, then a target of around $135 is not inconceivable based on the technical structure, which would represent a rise of over 5,177 USDT in absolute distance according to the chart indication.

It all comes down to Bitcoin and Ethereum

DaanCrypto states that the further price development of Ethena is largely dependent on what Bitcoin and Ethereum do over the coming week. Bitcoin is currently at $64.478, an increase of 0.7% in the past 24 hours. That is relatively stable, but does not yet provide a clear direction for altcoins like ENA.

For ENA bulls, it is therefore a matter of patience and keeping an eye on the broader market. If buyers manage to establish a higher low compared to previous troughs, that could mark the beginning of a stronger recovery move. If the market fails to provide that confirmation, the risk of a pullback to the support zone remains. The coming days will provide more clarity on which scenario unfolds.