Ethena ($ENA) Eyes Breakout as Accumulation Builds Below $0.61

• ENA shows strong support at $0.5663 backed by volume accumulation.
• Resistance forms near $0.6213 with targets at $0.6697 and $0.7999.
• Bullish trend remains valid while price holds above Ichimoku support.

Ethena (ENA) is showing firm bullish momentum as accumulation and technical support align. Glassnode data show that Ethena displays clear historical accumulation levels that now serve as key support and resistance zones. 

The largest accumulation below the current price is at $0.3487, where 2.71 billion ENA tokens were acquired. This signals strong long-term investor interest at that level. 

Above the current spot, the biggest accumulation point, with 108.13 million ENA tokens, is at $0.6043, forming immediate resistance.

Cost-basis distribution highlights critical support zones at $0.47, $0.44, and $0.35. These levels could serve as safety nets if the price faces downward pressure. 

With ENA recently pushing above $0.60, this accumulation structure reinforces the ongoing bullish setup but also defines areas of possible retracement.

Technical Structure Supports Bullish Outlook

As of August 1, 2025, ENA/USDT is trading at $0.6078, marking a 6.73% daily gain. The price shows consolidation above the $0.5663–$0.5753 support zone. 

This area aligns with both a rising trendline and Ichimoku cloud support on the daily chart. Analysts observed a potential double-bottom formation, suggesting further upward movement is likely.

Based on the current formation, upside targets are set at $0.6697, $0.7363, and $0.7999. The most recent daily candle rebounded from the support zone, reinforcing bullish sentiment. 

Analysts noted that the bullish momentum remains intact as long as the price holds above $0.5663. A breakdown below this level, however, could trigger deeper corrections toward previous accumulation points.

Near-Term Resistance in Focus at $0.6213

In the last four hours, ENA/USDT rose by 2.36% and is now trading near $0.6149. The short-term chart reveals strong support around $0.56–$0.57, backed by trendline confluence and Ichimoku indicators. 

A sustained move above the $0.6213 resistance level could open the door to the next targets at $0.6697 and beyond.

Traders are now watching the $0.615–$0.621 range closely. This level acts as a short-term resistance cap that needs to be broken for momentum to accelerate. 

Analysts caution that failure to hold above the ascending trendline may result in a retest of lower support levels, but the structure remains bullish.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.