Ethena (ENA) is drawing attention as to whether its short-term trend will change, as the coin has moved above the upper boundary of its previous sideways range on the 4-hour chart. However, some analysts note that rather than the recent rise itself, the more important criterion is whether the price can turn a key zone into support following the breakout.

Upward Escape from Box Range... It Is Too Early to Confirm a Trend Reversal

Sipateu007, active in the CoinMarketCap community, analyzed that ENA has broken upward out of the box range between $0.10 and $0.13 that had continued recently. The fact that the price exceeded a level that had repeatedly acted as a barrier confirms signs of strengthened short-term buying, but it is still too early to confirm a trend reversal, according to the assessment.

The zone between $0.13 and $0.14 was presented as the current key area. If this price level finishes its role as previous resistance and converts into support, the credibility of the recent breakout could increase. Conversely, if the price quickly falls out of this zone, it could be interpreted that this rise was merely a temporary breakout.

Upper Resistance Zone: $0.145 Is the First Confirmation Level

On the upside, the area around $0.145 is cited as the first confirmation level. If the buying flow continues, the range between $0.16 and $0.165 could act as the next resistance zone, and if upward pressure strengthens further, the area around $0.175 is also presented as a chart resistance level.

Downside Risk: A Break Below $0.13 Could Mean a Return to the Box Range

However, downside risks remain open as well. Sipateu007 viewed that if the $0.13 level breaks down and the price begins to stay below it, there is a possibility of being pushed back into the existing box range. In this case, the area around $0.12 could be tested first, and if selling pressure grows, it is hard to rule out the possibility of the price falling back to around $0.10, the bottom of the previous sideways range.

Ultimately, the assessment is that ENA's short-term direction depends less on the recent breakout itself and more on whether it can defend the area around $0.13. This means that rather than chasing bullish candles, it is important to confirm whether the previous resistance zone actually turns into a support area during the pullback process following the breakout.

[This article was written with AI assistance. Virtual assets are highly volatile investment assets, and significant losses can occur in a short period. The price levels mentioned in the article are reference ranges for technical analysis only and do not guarantee actual price movements. This article is not intended to recommend the purchase or sale of any specific virtual asset, and investment decisions and responsibilities lie with the investor.]