Ethena price is having a strong day, up more than 13% and ranking in the top 3 gainers. Trading volume has jumped over 31%, and the price is holding around $0.6912, showing that buyers are still in control.
But can this rally last through August? Let’s break it down.
How Did ENA Perform This Month?
ENA price has been in full recovery mode throughout the second half of July. After spending late June and early July trading under $0.45, the token broke out aggressively around July 19.
The rally gained steam quickly, pushing past $0.50, then $0.60, and now hovering around $0.69. This represents a near 50% gain from early July levels. Buyers have been in control, and price has barely looked back since reclaiming the trendline support.
This move has been fueled by major institutional activity, and that’s where things get interesting.
Ethena Price Chart Analysis
Looking at the ENA 4H chart, the uptrend is clearly intact. Price has been forming clean higher highs and higher lows, supported by a rising trendline and consistent Break of Structure (BOS) moves. A Change of Character (Choch) in mid-July kicked off the rally, and it hasn’t looked back since.
The 50-period EMA (currently at $0.5436) is sloping upward and acting as a reliable support. Buyers have consistently stepped in on pullbacks.
Short-term support is now forming around $0.60–$0.62, with the ascending trendline holding up near $0.66. As long as this trendline remains unbroken, the setup favors bulls.
There’s no hard resistance above yet, but round numbers like $0.70, $0.75, and $0.80 could act as barriers as the market climbs into price discovery.
Technical Indicators (Monthly Timeframe)
| Indicator | Value | Signal / Interpretation |
| ADX (14) | 41.258 | Strong trend, direction unclear |
| CCI (14) | 5.0562 | Neutral / price near average |
| Ultimate Oscillator | 37.476 | Bearish momentum building |
| ROC | -22.44 | Negative momentum / down 22% over period |
| Bull/Bear Power (13) | 0.0899 | Mild bullish control |
The longer-term indicators paint a mixed picture. ADX suggests a strong trend, but the rest lean slightly bearish. ROC shows the price has dropped sharply over the month, and the Ultimate Oscillator also leans bearish. However, Bull/Bear Power gives bulls a small edge.
This means ENA price may be seeing a relief rally or short-term breakout within a broader, still-recovering structure.
Read Also: This Injective (INJ) Price Chart Pattern Could Trigger a 3x Move – Here’s the Setup
Ethena Price Forecast for August
Here are the two most likely paths as we close out the month.
Bullish Scenario:
If ENA holds the $0.66 trendline and breaks above $0.70 with volume, the next target could be $0.75. A clean breakout past that could even test $0.80, especially if more institutional news comes out.
Bearish Scenario:
If Ethena price breaks below $0.66 and closes under $0.60, momentum could fade fast. The next support sits around the 50 EMA near $0.54. That’s where trend-followers might watch for a bounce, but a close below it could trigger deeper selling.
Wrapping Up
ENA price looks strong for now, but we’re near a decision point. The institutional buyback program and BitMEX founder Arthur Hayes’ 7.76M token stack are big bullish signals. Still, traders will want to see if the trendline holds.
What do you think, will ENA crack $0.75 soon? Or is this a short-term pop before a cool-off? Drop your thoughts in the comments.
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