Ethena (ENA) had reached a local high of $0.136 on Friday, April 17. At the time of writing, the altcoin was trading near the same high again, but failed to breach it.
A month ago, AMBCrypto reported that the upper and lower time bias for ENA was bearish. A breakout of the highs of $0.095 and $0.12 would bullishly modify the 4-hour and 1-day timeframes.
This bullish change has occurred in recent weeks. As ENA bulls insistently knock on the doors of the next resistance at $0.136, should traders bet on continued bullish momentum or expect rejection?
Ethena has established an uptrend
The high at $0.12 on the daily timeframe produced the new low (green) at $0.765, maintaining the market structure lower in the process.
In April, when Bitcoin’s (BTC) bid to climb to $80,000 failed at $76,000, ENA bulls recorded a bullish structural breakout with a daily close above $0.12.
Since then, a slight pullback towards the $0.1 round number demand zone ($0.0988 to be exact) was followed by another rally past the $0.12 level.
Both the Ethena price structure and the DMI have signaled an ongoing uptrend. However, volume indicators cast doubt on this bias.
A/D was in an active downtrend and OBV was not close to clearing the mid-April highs.
Traders’ Call to Action – Stay Optimistic
The 4-hour chart appears to show a range formation between $0.10 and $0.13. The mid-level at $0.115 was respected as support during the latest rally, strengthening the argument.
Still, the price closed a fourth-half trading session above the range’s highs. This indicated that a further uptrend was more likely than a pullback.
Traders can be cautiously optimistic and manage their risk accordingly if they are looking to go long. Invalidation of the range breakout would result in the H4 session closing below $0.128, the highest low of the lower time frame.
Bitcoin volatility over the weekend or Monday may disrupt the ENA’s bullish bias.
Final summary
- Ethena has established a bullish structure on the daily chart after being in a downtrend since October 2025.
- The current bullish momentum is momentarily at the local high of $0.13, but it seems more likely to continue higher than to retrace.
