Today, the market opened with a brief spike, placing the overall market cap at $2.33 trillion. The broader sentiment across the crypto assets is extreme fear, with the Fear and Greed Index value settled at 12. The dominant tokens, Bitcoin and Ethereum, are attempting to jump over the bearish fence. Meanwhile, Ethena (ENA) has slipped by 1.38%.
In the early hours, the asset traded at a high of $0.1131, and eventually, with the bearish encounter, the ENA price dropped to a low of $0.1071. At the time of writing, Ethena trades at $0.1114, with its daily trading volume surged by over 52.72%, reaching $101.89 million. In addition, the market has observed a 24-hour liquidation of $547.24 worth of Ethena.
On the 4-hour chart, $0.108 acts as a key support level for ENA. With the current price around $0.1114, it is trading slightly above that support. If $0.108 holds, the buyers may step in and push the price up toward the resistance around $0.129. If the asset breaks that support range below, the downside pressure strengthens, and further losses could follow.
Ethena’s recent trading window reports the downside momentum, and the price might retrace toward the $0.10 support mark. An extended loss could trigger the death cross to unfold and drive the price even lower. On the flip side, if the bulls take control, the immediate resistance level could be near $0.12. If the upside pressure gains more traction, the golden cross may take place and see the Ethena price climbing further.
Downside Risk Mounts for Ethena as Bearish Signals Emerge
Ethena’s Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line. This likely points out that the broader trend has turned negative. With this crossover, the downside momentum is strengthening.
Besides, the Chaikin Money Flow (CMF) indicator is at -0.15, implying moderate to strong selling pressure in the ENA market. The negative value shows a sustained capital outflow, where distribution dominates rather than accumulation.
The current market sentiment of Ethena is approaching its oversold territory, with the daily Relative Strength Index (RSI) being at 32.21. It has strong bearish momentum, and heavy selling pressure is present. A relief bounce could occur if buyers step in.
Moreover, the Bull Bear Power (BBP) reading is settled at around -0.0057, which is likely hinting at very weak bearish dominance. As it is slightly below zero, the sellers have a minor edge. Significantly, the overall momentum of ENA is neutral.
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