The crypto market is pumping today as the Bitcoin price successfully broke past $70k, now marching towards new ATH.

However, this was one of those pumps where the Ethereum price didn’t fall behind Bitcoin since it’s up over 5% as well. This means we’ll see some coins from the Ethereum ecosystem doing well and one of those is Ethena (ENA). The ENA price pumped over 16% today, now trading around $0.39.

Crypto analyst “Scient” posted a viral Ethena chart today on X, highlighting some crucial price levels and potential scenarios. The analysis shows ENA maintaining strong momentum above the key $0.34 support level, which coincides with the 50-day EMA. This level has consistently acted as a foundation for buyers, suggesting it could serve as a springboard for further upward movement.

The ENA chart reveals important resistance zones between $0.47 and $0.518, which could prove challenging for the ENA price to break through. These levels align with previous consolidation phases and might require significant buying pressure to overcome. If the current support at $0.34 doesn’t hold, traders should watch for secondary support levels at $0.3194 and $0.2751.

The bullish case remains intact as long as ENA maintains its position above the critical $0.34 mark. However, any sustained close below this level could trigger a move toward lower support zones, potentially shifting the short-term market structure to bearish.

The ideal approach is to monitor for daily closes above $0.34 to confirm a potential upward continuation. However, a close below $0.34 could prompt a reevaluation of the trend and a potential retest of lower supports.

Read also: Stacks Gears Up for Major Upgrade, STX Price Could Hit This Next Level

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The post Why Is the Ethena (ENA) Price Pumping? appeared first on CaptainAltcoin.

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