According to reports from AMBCrypto, Ethena [ENA] has reached a local high of $0.136 on Friday, April 17th, and is currently testing this resistance level again. The altcoin has been unable to breach this resistance despite recent gains, creating a key technical inflection point for traders. A month ago, AMBCrypto had reported that the higher and lower timeframe bias for ENA had been bearish, with a break of the $0.095 and $0.12 highs needed to shift the 4-hour and 1-day timeframes bullishly.
As reported by AMBCrypto, the swing high at $0.12 on the daily timeframe produced a new swing low at $0.765, maintaining a bearish market structure. However, in April when Bitcoin's bid to climb to $80k faltered at $76k, ENA bulls registered a bullish structural break with a daily session close above $0.12. Since then, a minor pullback to the $0.0988 demand zone was followed by another rally past the $0.12 level, with the ENA price structure and DMI both signaling an uptrend in progress. The recent price action has seen ENA establish an uptrend, with a significant structural break occurring when the price closed above $0.12.
According to the analysis from AMBCrypto, volume indicators present mixed signals for the current bullish bias. The A/D indicator remains in an active downtrend, while the OBV has not approached breaching the mid-April highs. The 4-hour chart shows a range formation between $0.10 and $0.13, with the mid-range level at $0.115 being respected as support during recent rallies. The price has closed an H4 trading session above the range highs, indicating further bullishness is more likely than a pullback. However, recent gains suggest some caution as volume indicators such as the A/D and OBV suggest some caution despite the bullish price action.
As reported by AMBCrypto, traders can maintain a cautiously bullish stance while managing risk appropriately for potential long positions. The invalidation of the range breakout would be an H4 session close back below $0.128, the lower timeframe's higher low. The analysis notes that Bitcoin volatility over the weekend or Monday could disrupt ENA's bullish bias, making risk management crucial for current market conditions. Despite the mixed volume signals, the structural break above $0.12 and subsequent rally past $0.12 level suggest underlying strength in the ENA price structure.
