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Ethena (ENA) reached a local high of $0.136 on Friday, April 17. At the time of writing, the altcoin was trading near that level again, but had not yet broken above it.
About a month earlier, AMBCrypto reported that the higher and lower timeframe bias for ENA was bearish. The report noted that a break of the $0.095 and $0.12 highs would shift the 4-hour and 1-day timeframes bullishly.
The daily timeframe’s swing high at $0.12 produced a new swing low (green), which kept the market structure bearish at the time. Later, in April, when Bitcoin’s (BTC) attempt to climb to $80,000 stalled at $76,000, ENA bulls recorded a bullish structural break with a daily session close above $0.12.
Since then, ENA saw a minor pullback into the $0.1 round-number demand zone (from $0.0988), followed by another rally above $0.12.
According to the article, ENA’s price structure and the DMI signaled that an uptrend was in progress. However, volume-related indicators raised doubts: the A/D line was in an active downtrend, and OBV was not close to breaching the mid-April highs.
On the 4-hour chart, ENA appeared to be forming a range between $0.10 and $0.13. The mid-range level at $0.115 was respected as support during the most recent move higher.
The article also states that ENA had closed an H4 trading session above the range highs, suggesting further bullishness was more likely than a pullback.
For traders looking to go long, the article recommends a cautious bullish stance with risk management. It identifies invalidation of the range breakout as an H4 session close back below $0.128, described as the lower timeframe’s higher low.
It also notes that Bitcoin volatility over the weekend or on Monday could disrupt ENA’s bullish bias.
Ethena has established a bullish structure on the 1-day chart after being in a downtrend since October 2025. The current bullish momentum is near the $0.13 local highs, and the article suggests it is more likely to continue higher than retrace.
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