Short-term pain may be ahead for Ethena (ENA), with technical signals pointing to a potential 7%–15% drop over the next week.
ENA spiked to a local high of $0.12 on Wednesday, March 4, in a move accompanied by a sharp rise in open interest and heavy trading volume—classic signs of short-term bullish conviction. But that rally was short-lived: sellers reclaimed control over the past 48 hours, and at the time of the original report ENA sat roughly 15% below the $0.12 peak. Taken together with the broader price action, analysts warned that a deeper pullback was likely.
Context matters: Ethena’s respite from selling pressure has consistently lasted only a week or two over the past eight months. After peaking near $0.80 in August, ENA has been in decline, breaking the important $0.21 support level in mid-January. By press time the token was just above $0.10—a roughly 50% drawdown in five weeks—underscoring how quickly altcoins can capitulate once key supports fail.
On the technical side, momentum and trend indicators favor the bears. The weekly Directional Movement Index (DMI) has signaled a strong downtrend since October. The Money Flow Index (MFI) has trended lower while the Accumulation/Distribution (A/D) line has made fresh lows, both pointing to distribution and sustained selling pressure. A bullish divergence in a momentum indicator did fuel the brief bounce to $0.12, but that move ran into a liquidation cluster and was rejected before testing the 78.6% Fibonacci retracement at $0.123—another sign that sellers remain dominant.
Given the current structure, the next technical target to the downside is near the $0.085 extension level. Short-term traders should be aware that if selling resumes, a 7%–15% correction from current levels would be consistent with the patterns seen in recent sessions and the cluster of stop orders around the $0.12 area.
Reminder: This article is informational and reflects the writer’s view of market data. It is not financial, investment, or trading advice. Crypto markets are highly volatile—do your own research before making trading decisions. Source: ENA/USDT on TradingView; original coverage by AMBCrypto. © 2026 AMBCrypto.
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