Ethena is holding strong above structural support after a sharp 11.23% rally, showing signs of bullish continuation. With volume rising and price holding key levels, the next stop could be $0.96. Summary ENA confirmed a bullish retest of the $0.47 support with strong volume influx. Price is forming a higher low, maintaining bullish market structure. $0.96 is the next major resistance and upside target if momentum continues. Ethena’s (ENA) recent price action confirms strength as it trades firmly above a critical technical region near $0.47. This level has previously acted as resistance but has now flipped into support, a textbook bullish retest. The region also aligns with the value area high and the VWAP support, creating strong structural confluence for a potential base to form. Key technical points High Time Frame Support at $0.47: Critical level holding price up, now flipped from resistance to support. Strong Volume Profile: Bullish influxes suggest demand is active around current levels. Next Resistance at $0.96: High time frame target if support holds and structure continues upward. ENAUSDT (1D) Chart, Source: TradingVIew From a technical perspective, the price is forming a potential higher low after reclaiming and holding above the $0.47 region. This area is not only structurally important as a former resistance level but also aligns with multiple high-probability support indicators like the VWAP and the value area high. These overlapping signals add confidence that this level may serve as a launchpad for further upside movement. The volume profile adds even more weight to the bullish case. Since the rally began, there’s been a visible uptick in buying volume, a key metric that often precedes sustained momentum. Unlike previous rallies that faded without volume support, ENA’s current move is showing real signs of demand. You might also like: Is BTC stockpiling the next big equity trade? Smarter Web Company and peers test the limits of mNAV premiums What’s particularly significant is that this move comes after a clean retest. Previous price action had rejected from the $0.47 region, but now that it’s been reclaimed and defended, it solidifies the region as a newly established demand zone. Creating a base at this level increases the likelihood of the current trend continuing to the upside. Looking ahead, the $0.96 level is the next high time frame resistance, and it remains the main target. This level also corresponds to a swing high formed during a previous rally, a logical point where traders may look to take profits or where sellers might step back in. For this target to be hit, ENA needs to maintain its momentum and continue forming higher lows on the lower timeframes. What to expect in the coming price action As long as ENA holds the $0.47 support, the bullish bias remains valid. With increasing volume and strong structural confluence, price could rotate toward the $0.96 resistance in the short to medium term. Read more: Bay Miner releases new mining app, allowing users to earn daily crypto income on their phone