The ENA ripped more than 40% week over week and is now pressing new local highs around $0.84-$0.85. The trend since mid-July is up and momentum is building, but $1.00 is the first real test before any talk of $1.50.
What you'll learn 👉
Price action (July to August)
In early July, ENA traded in a relatively flat range before making its first significant leg higher into mid-month. By mid to late July, the chart was printing a steady series of higher lows, with the price breaking into the $0.60-$0.70 band and building a base.
Early August brought a quick dip for the Ethena price toward the low-$0.60s, which was quickly bought up, showing strong demand. This week, the price has climbed in a strong and orderly fashion to around $0.85, marking a new local high and clearing previous supply. The move from roughly $0.60 to $0.85 represents a more than 40% gain in just a week.
Support to watch sits around $0.72-$0.75, which was the recent breakout area, and $0.62-$0.65 from early August demand. On the upside, resistance is at $0.85, followed by the psychological $1.00 level. A confirmed move above $1.00 could bring in more momentum traders.
Read also: Whales Accumulate Over 1 Billion Ethena (ENA) Tokens Again: What Do They Know?
Market internals
Volume
Volume has expanded on green candles during breakouts, then cooled on pullbacks. On the latest push, the panel shows about 117M on the current 4H bar with a projected 276M, which fits a trend with confirmation rather than a low-liquidity spike. That’s constructive.
Open interest (OI)
OI has been trending up into this rally (panel reads around $565M on the latest 4H). Rising price with rising OI typically means fresh positioning is coming in rather than shorts simply covering. It keeps moves sticky and increases the odds of continuation.
Net long / net short
The panels show net short at roughly 1.47B versus net long around -1.10B on this timeframe, implying shorts still outweigh longs. When price grinds up while shorts remain elevated, squeezes become more likely on each fresh high. If ENA holds above $0.80 and prints acceptance over $0.85, late shorts are at risk.
Want to stake Ethena? Read our full analysis about where to stake ENA.
ENA price outlook for the rest of August
Base case (40%) – $0.95-$1.10: Continuation above $0.85, a fight at $1.00, and a trend extension if volume stays elevated and OI keeps rising.
Range case (30%) – $0.72-$0.90: Breakout fizzles, OI cools, and ENA chops between the recent breakout zone and local highs while the market digests gains.
Bear case (10%) – $0.62-$0.70: Loss of $0.72-$0.75 support opens a quick trip back to the early-August demand pocket.
Stretch case to $1.50 (20%): From about $0.84, $1.50 needs roughly 79% more upside this month. It’s not impossible, but it likely requires (1) a decisive reclaim and hold above $1.00, (2) a surge in spot volume, (3) OI expanding and flipping net-shorts to chase, and (4) a supportive broader market. Odds improve materially if $1.10 turns into support before mid-month.
Bottom line: The trend is up, internals are supportive, and $1.00 is the next big checkpoint. A run to $0.95-$1.10 this month is a reasonable base case. A sprint to $1.50 needs perfect conditions; I’d put that at around 20% odds right now. Not financial advice – manage risk around $0.75 and $0.70 if you’re trading the momentum.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
