Ethena (ENA) looks vulnerable to further losses after a short-lived bounce to $0.12, with technicals suggesting a 7%–15% drop could arrive within the next week.
What happened
- ENA spiked to a local high of $0.12 on Wednesday, 4 March, driven by a sharp uptick in open interest and heavy trading volume — a classic setup for a short-term bullish reaction.
- However, that relief rally quickly faded. Over the past 48 hours sellers reclaimed control, and at the time of writing ENA sat roughly 15% below the $0.12 peak and just above $0.10.
Bigger picture: a dominant downtrend
- Any rallies have been brief: over the past eight months, price recoveries rarely lasted more than a week or two.
- After topping around $0.80 in August, ENA entered a prolonged decline. The token slipped beneath the $0.21 support level in mid-January, and the subsequent move left the price just above $0.10 — roughly a 50% drop from that mid-January level in about five weeks.
- Directional Movement Index (DMI) on the weekly chart has favored the downside since October. The Money Flow Index (MFI) has been sliding and the Accumulation/Distribution (A/D) line is printing new lows, underscoring sustained bearish control.
Why the $0.12 bounce failed
- A short-term bullish divergence in momentum sparked the move up to $0.12, but technical resistance and a nearby liquidation cluster capped gains.
- The 78.6% Fibonacci retracement level sits at $0.123 and wasn’t tested before price was rejected — another sign sellers had the upper hand.
Near-term outlook
- Given the rejection at resistance and ongoing negative momentum, downside pressure looks likely to continue. Analysts put the next downside target around the $0.085 extension level.
- Scenario: if buyers can’t reassert control above $0.12–$0.123, expect further losses in the 7%–15% range in the coming week.
Source: ENA/USDT on TradingView. Note: market conditions can change quickly — this piece summarizes observed price action and technical readings and is not investment advice.
Disclaimer: The information presented is for informational purposes only and should not be interpreted as financial, investment, or trading advice. Cryptocurrency trading is high-risk; do your own research before making any decisions. © 2026 AMBCrypto.
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