-10.38% for Ethena — Prolonged selling pressure drives new lows

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Ethena drops 10.38% to $0.0958 today

Highlights

Ethena broke out of a falling wedge pattern and recovered key support levels, attracting increased trader attention despite lacking major news catalysts.
Price action for Ethena remains under broader selling pressure, with no cited regulatory or macroeconomic drivers influencing the recent movements.
ENA trades at $0.0958, below MA-20 ($0.1130) and facing immediate resistance at $0.1195, with momentum bearish and an 80%+ probability of further downside.

Momentum shift signaled by wedge breakout amid strong selloff

Ethena confirmed a breakout from a falling wedge pattern, indicating a potential shift in momentum as the crypto asset recovered key support levels. The recent movement has increased attention from traders. No major news or regulatory changes were cited as influencing these developments, though price action has remained under broader selling pressure.

Bearish momentum dominates as oversold readings and resistance converge

Momentum remains decisively bearish on ENA, with both MACD and ADX signaling ongoing downside strength. RSI (34) and CCI (–89) point toward an oversold or near-oversold market, while Stochastic RSI shows a neutral daily reading but oversold conditions on shorter timeframes, reflecting short-term exhaustion. Bull/Bear Power also indicates dominance by sellers, which is consistent with the day's double-digit drop and a close near the session low. No significant gap was observed at the open, although volatility has been high and price action remained weak after the open. The Kijun level from the Ichimoku stands at $0.1195, marking immediate resistance above the current price. The Awesome Oscillator displays a neutral signal, providing no relief from the predominantly negative technical landscape.

Downside consolidation likely as weak technicals and resistance persist

Over the next five trading days, ENA is expected to move within a typical volatility band between $0.0850 and $0.1050. There is a very high probability (over 80%) of continued downside, as weekly technical indicators remain bearish with no buy signals from RSI, ADX, MACD, or the MA-50. The baseline scenario is for ENA to consolidate in a sideways move beneath immediate resistance, while a clear breakdown below $0.0850 could prompt further losses. Any potential recovery would require a strong move above the $0.1195 resistance level.

Anton Kharitonov, expert at Traders Union, sees persistent selling on ENA with momentum firmly negative across all technical indicators. He notes a lack of positive triggers, as recent wedge breakout failed to change weak sentiment or break above key resistance. The analyst remains cautious and does not expect a sustainable recovery unless $0.1195 is reclaimed. "Base case remains for sideways or lower moves, and I would avoid aggressive longs while ENA trades below the $0.1195 resistance," he says.

Previously it was reported that Ethena (ENA) is trading notably below all key moving averages, with persistent bearish momentum and strong selling pressure confirmed by momentum indicators such as the MACD and ADX. While RSI and CCI highlight oversold conditions, suggesting potential for a short-term bounce, overall price action remains under downward pressure with resistance around $0.1195 and support being tested near current levels.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.