Ethena Price Consolidation Ahead: Bulls Await Confirmation at Key Resistance

Ethena's (ENA) price continues to consolidate within a multi-month falling wedge on the daily chart, just below a key descending resistance trendline.

The token is currently trading around $0.08104 with less than a percent drop in value and a 19% decrease in trading volume.

Despite the bearish market structure, rising Open Interest and neutral funding rates suggest traders are positioning for the next major move.

The bullish case depends on ENA breaking decisively above the wedge's descending resistance and reclaiming the $0.083-$0.085 resistance zone.