TL;DR

ENA gained 20% weekly, testing $0.85 resistance while support remains strong near $0.70. Analysts point to buybacks and Binance’s USDe listing as catalysts for Ethena’s bullish momentum. Targets range from $1.25 to $5.00 if ENA holds above $0.68 and momentum continues.

ENA Shows Strong Weekly Performance

Ethena (ENA) has posted a sharp rise in the past week, gaining over 20%. The token is now priced at $0.84, with a 24-hour trading volume of $1.44 billion. Daily gains stand at 9%.

Crypto analyst Altcoin Sherpa said the asset shows strong momentum, noting that while profit-taking may be considered near current levels, the mid-term trend remains positive.

“I still am holding my position and its probably ok to take some profit around here. With that said, I do think that this trades higher in the mid term,” he said.

Chart data shows ENA testing resistance near $0.85, which aligns with the 0 Fibonacci level. This has become an important short-term barrier, where some selling activity could appear. Support is currently seen around $0.70 (0.236 Fib), with deeper levels at $0.61 and $0.53. These levels could act as potential areas for buyers if the market retraces.

$ENA: Great coin, everyone shilling it and its still going higher. announcement after announcement, beauty.

I still am holding my position and its probably ok to take some profit around here. With that said, I do think that this trades higher in the mid term. Great coin. pic.twitter.com/0MpvXpWioq

Strong buying activity is evident in recent trading sessions, supported by higher green volume bars. This suggests that demand is still present, even as ENA approaches near-term resistance.

Analysts Eye Higher Targets

Rand pointed to buyback programs as a key factor in recent price strength, writing,

“No chill for $ENA, the buybacks program on full effect. Triggered the bullish breakout on the local downtrend, wants new ATH.”

The weekly chart also reflects a bullish structure, with ENA holding above the support range of $0.48–$0.55, which flipped from resistance into support earlier this year.

Finish echoed this sentiment, stating,

“Everything under $1.1 is cheap, it’s time we set a new ATH.”

Meanwhile, the comment comes as Binance recently listed USDe, with total value locked (TVL) surpassing $13 billion, boosting sentiment around the Ethena ecosystem.

The next major resistance levels are at $1.32 and $1.52, both marking previous swing highs. If these are broken, ENA could enter price discovery.

Long-Term Outlook

Crypto Patel noted that ENA is already up 270% from his initial entry, but still has room to grow.

“$ENA is still up 270% from our first entry but I believe it still has room to run, $5 potential on the horizon,” he stated.

Patel’s chart points to multiple upside targets: $1.25, $2.60, $4.00, and $5.00+. As long as ENA holds above $0.68, the structure suggests continuation toward higher levels. The pattern of higher lows and higher highs after long consolidation phases supports the bullish case.

Overall, ENA remains in a strong uptrend, with analysts identifying key resistance points ahead and projecting higher price ranges if momentum continues.