- ENA retests key Fibonacci level as bulls aim to reclaim March highs near $1.27
- MACD and RSI show bullish momentum, suggesting room for a continuation rally
- Net outflows dominate, but sporadic inflows hint at dip accumulation by investors
Ethena (ENA) has shown signs of regaining bullish traction, even as it navigates a brief price pullback. After climbing from a low of $0.22 to a recent peak near $0.54, the token now appears to be in a healthy consolidation. According to analyst Ali Martinez, ENA is currently in the middle of a “bullish retest.”
The token is now testing the crucial $0.43–$0.44 range, which aligns with the key 0.618 Fibonacci retracement zone. A successful hold at this level could set the stage for another leg up, with a long-term view pointing toward a return to its March highs near $1.27.
Technical picture shows strength despite the dip
As of press time trading at $0.4606, $ENA has slipped 4.03% over the last 24 hours. However, the token has gained over 22% in the past week, signaling underlying strength.
Related: Market Volatility Hits ENA: Whale Accumulates Despite 9% Drop
The MACD indicator remains in bullish territory, with the MACD line above the signal line and a positive histogram. This suggests that upward momentum is still intact.
Related: Analyst Sees $1 ENA Target as Whale Activity Hits Binance in Bulk
Meanwhile, the Relative Strength Index (RSI) reads 69.92, hovering just below overbought territory. This indicates strong buyer interest, though a short-term cooldown could follow if overbought levels are breached. Still, a brief pullback could form a higher low often a bullish continuation pattern.
Inflows vs. Outflows: What the On-Chain Data Reveals
A closer look at ENA’s spot inflow and outflow chart paints a nuanced picture. Since early November, net outflows have dominated, frequently crossing the -$5M mark and hitting $20M during peak selling periods. The price decline since late March aligns with these heavy outflows, reflecting persistent sell pressure.
However, inflows though sporadic suggest some accumulation is taking place during dips. For any meaningful trend reversal, sustained inflows above $5M must return alongside price stabilization. If that occurs, bulls could gain the conviction needed to push toward $0.66 and possibly $0.86 in the medium term.
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