ENA price faces resistance at $0.5 - Will the bull camp break through?

* Ethena’s price structure on the daily chart

• OBV has surpassed local peaks, but prices seem unable to follow

The Ethena price [ENA] has dropped below the $0.5 support area in February, but that decline seems to have halted at the current time. In fact, there has recently been a consolidation forming below the $0.5 resistance level. This could provide a profit-making opportunity for traders.

The fluctuation of Bitcoin [BTC] may also contribute to this trend. The world’s leading cryptocurrency tested the resistance level of 92.8K USD on Friday, March 6, and was once again rejected. Will ENA continue to pursue a downtrend over the weekend?

ENA buyers seem to be gaining the upper hand

Source: ENA/USDT on TradingView

Market structure on the daily chart is bearish. The price only creates lower highs and lows into 2025. The most recent high is 0.48 USD, and closing daily above that level will imply a change in market structure.

Trading volume has been very high in the past few days, as reflected by the volume bars below the price. This increase in volume has led OBV to break through local highs in the past two months.

At the moment, the RSI is testing the neutral threshold of 50 as a resistance level, indicating the potential for upcoming momentum changes. Together, they suggest a price increase on the chart.

Source: ENA/USDT on TradingView

When zooming in on the 4-hour chart, we can see the formation of a purple range (with peaks at the resistance zone of 0.5 USD. At this point, ENA supporters are struggling with the 25% range at 0.448 USD.

Even if they surpass this level, breaking through 0.5 USD may not happen. Despite the OBV breakout, traders should maintain a bearish outlook and look to sell on price rebounds in the 0.48-0.5 USD range. As it has leaned towards higher time frames rather than declines.

![Ethena Liquidation Heatmap])https://img.gateio.im/social/moments-b6d61936d835048e98a637d49cb4324f “ENA price faces resistance at $0.5 - Will the bulls break through? - Bitcoin News - Latest Coin News Update 24/7 2025”( Source: Coinglass

The heat map of last month highlighted the range of 0.48-0.515 USD as a strong attraction area. Therefore, it is very likely that the price will retest this area soon, as prices are often attracted to liquidity areas. These liquidity clusters are also often major turning points.

Trend traders can use the breakout above the 0.515-0.52 USD range to place stop-loss orders if intending to sell. A move above 0.52 USD will invalidate the previously suggested downside idea. The range between 0.412 USD and the lows at 0.34 USD will be the downside target.

Thank you for reading this article!
Please Like, Comment and Follow TinTucBitcoin to stay updated on the latest news about the cryptocurrency market and not miss any important information!