Ethena’s price slips 15% from its weekly high – Deeper losses ahead?

ambcryptoPublicado a 2026-03-07Actualizado a 2026-03-07

Resumen

Ethena (ENA) experienced a brief rally, reaching a local high of $0.12 on March 4th, accompanied by increased open interest and trading volume. However, this bullish momentum was short-lived, and the price has since fallen 15% from that peak. The longer-term trend remains bearish, with prices declining since August and a significant 50% drop over the past five weeks after losing the $0.21 support level. Technical indicators, including the Directional Movement Index and MFI, confirm strong bearish control. A recent bounce to $0.12 was rejected, and the next likely target is a drop to the $0.085 support level. A further decline of 7%-15% is anticipated if the price falls below $0.1.

Ethena [ENA] rallied to a local high of $0.12 on Wednesday, 04 March. An AMBCrypto report had detailed the swift surge in prices and the commensurate increase in Open Interest that signaled short-term bullishness.

The high trading volume on the day was also noted, but the longer-term bearish structure can be expected to prevail. Over the past 48 hours, the sellers regained control of the market too.

At the time of writing, ENA was 15% below the $0.12 local high water mark. Based on the evidence at hand, it would seem that a deeper drawdown was likely.

Ethena buyers cannot catch a break!

Any respite the buyers got over the past 8 months has lasted only a week or two, at best. Since topping out at around $0.8, Ethena prices have been falling since August. They fell below the $0.21 support in mid-January. At press time, the price was just above $0.1.

This represented a 50% drawdown in five weeks. It was a warning to altcoin investors that losing major support levels can lead to quick losses.

The Directional Movement Index has shown a strong downtrend on the weekly chart since October. The MFI has been falling lower, with the A/D making new lows too. Together, they highlighted the absolute control bears have enjoyed in recent months.

What next for ENA traders?

A bullish divergence with the momentum indicator led to a price bounce to $0.12. The aforementioned report had highlighted the longer-term trend and the liquidation cluster at $0.12 as a short-term price magnet.

The Fibonacci levels showed that the 78.6% level at $0.123 was not tested before the rejection. This may be another sign that sellers were in control and the market was firmly bearish. The technical indicators on this timeframe agreed as well.

The next target for ENA is the $0.085 extension level to the south.

Final Summary

Ethena’s long-term price action was bearish, and the short-term bounce reached its target and faced rejection.
A drop below $0.1 may be imminent, with a fall of 7%-15% likely over the next week too.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Preguntas relacionadas

QWhat was the local high price of Ethena (ENA) on Wednesday, 04 March, and how much has it fallen since then?

AEthena reached a local high of $0.12 on Wednesday, 04 March. At the time of writing, the price had fallen 15% from that high.

QAccording to the article, what is the next likely price target for ENA to the south (downside)?

AThe next target for ENA to the downside is the $0.085 extension level.

QWhat key support level did ENA fall below in mid-January, and what did this represent for investors?

AENA fell below the $0.21 support level in mid-January. This represented a warning to altcoin investors that losing major support levels can lead to quick losses, contributing to a 50% drawdown over five weeks.

QWhat technical indicators on the weekly chart were highlighted as evidence of the strong bearish control since October?

AThe Directional Movement Index (DMI) showed a strong downtrend, while the Money Flow Index (MFI) was falling lower and the Accumulation/Distribution (A/D) indicator was making new lows.

QWhat was the significance of the price not testing the 78.6% Fibonacci level at $0.123 during its recent bounce?

AThe failure to test the 78.6% Fibonacci retracement level at $0.123 was a sign that sellers were in control and that the market was firmly bearish, leading to the price rejection.

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