Why Is Ethena (ENA) Price Up?

Ethena’s ENA price is again among top crypto gainers. The ENA price pumped over 20% today and is now trading above the $0.33 level.

Ethena (ENA) is once again among the top crypto gainers. The ENA price pumped over 20% today and is now trading above the $0.33 level.

When a coin is pumping like this, elite crypto traders like to weigh in on it. One of them is Altcoin Sherpa, who posted a viral Ethena chart.

Let’s take a closer look at the ENA technical analysis to see what’s causing this massive price pump and where the price could be headed next.

Technical Analysis of ENA’s Price Movement

The Ethena price showed a sharp rise around October 7, accompanied by a significant increase in volume. This indicates strong buying activity, with the Ethena price surging past several Fibonacci levels during this pump.

After reaching a peak, ENA experienced a pullback, finding support at the 0.5 Fibonacci retracement level, around $0.3082. It has since bounced back, now testing the 0.382 Fibonacci level ($0.3331).

The chart shows multiple Exponential Moving Averages (EMAs). The price tested what appears to be the 200 EMA during its pullback and is now trading well above it, which could suggest a bullish reversal. Other EMAs (possibly 20, 50, 100) are all relatively close together, which may suggest a possible period of consolidation before the recent breakout. Now, they are showing multiple upward sloping trends, indicative of short-to-mid term bullish momentum.

Immediate resistance for ENA is around $0.3685 (0.236 Fibonacci level). This level will need to be broken to signal a continuation of the bullish trend. Support levels to watch are $0.3331 (0.382 Fib level) and $0.3082 (0.5 Fib level).

The recent price movement indicates a possible trend reversal, with the ENA price now trading above critical EMAs and showing higher highs and higher lows. This comes after a period of downtrend seen in late September.

Altcoin Sherpa’s tweet mentions Arthur Hayes shilling $ENA during Token 2049, which likely had an impact on market sentiment and could explain the recent price pump. The mention of “fundamentals” playing a role in ENA’s strength suggests there may be strong underlying support for this asset beyond just technical analysis.

It’s worth noting that the user had posted the chart earlier but did not anticipate this boost from Hayes’ endorsement, highlighting how external factors can have an unexpected impact on price action.