Ethena [ENA] attracted fresh attention after gaining 4.34% to trade at $0.0941, with trading volume surging 69.15% to $149 million. The recovery coincided with a sharp increase in network activity, as Daily Active Addresses climbed to 5,057, their highest level since November 2025. This surge in participation suggested growing engagement across the Ethena ecosystem despite ENA's prolonged decline from late-2025 highs. The token had previously achieved a 5.48% gain in 24 hours with a 93% increase in daily trading volume and a 10% spike in Open Interest, demonstrating sustained momentum in recent trading sessions.
Technical analysis reveals that Ethena has formed an inverse head-and-shoulders pattern after finding support near $0.0715 and building higher lows around $0.086. The token broke out of a descending channel that had capped price action since early May, with buyers defending the right shoulder and pushing ENA back toward the neckline resistance at $0.096. A breakout above this level could pave the way toward the psychological $0.10 level, which may shape the next phase of the Ethena price prediction as traders look for confirmation of a broader trend reversal. However, sellers continued defending the area, leaving the setup dependent on a decisive close above resistance, with the long-term price trend remaining bearish despite recent relief rallies.
Technical indicators are increasingly aligned with the improving price structure, with the Relative Strength Index (RSI) rising to 52.81 and moving above its moving average at 44.78, suggesting buying pressure strengthened during the recent recovery. The MACD flashed a bullish crossover with the MACD line climbing to 0.0015 and remaining above the signal line at -0.0017, while the histogram continued printing positive bars indicating bullish momentum expanded in recent sessions. Neither indicator entered overbought territory, but both supported the case for further upside if buyers cleared the $0.096 neckline resistance.
Liquidation data highlighted several zones where leveraged positions remained concentrated, with the largest liquidity cluster sitting between $0.096 and $0.098, directly above current price action. This concentration suggested a move into the region could trigger short liquidations and amplify volatility, making traders watch the area closely as ENA approached resistance. Additional liquidity pockets appeared near $0.092 and $0.089, which could attract price if sellers regained control. The Liquidation Heatmap showed liquidity stacked on both sides of the price, suggesting traders increased exposure around current levels, with the setup positioned for a volatility-driven move as buyers and sellers battle around neckline resistance.
