• Ethena formed a double top pattern near $0.80, a bearish signal that often precedes trend reversals.
• The grey demand zone between $0.45 and $0.50 could act as strong support, offering potential for a bullish rebound.
• Market momentum favors sellers in the short term, but long-term optimism persists among investors.

Ethena (ENA) is experiencing sustained bearish pressure with a depreciation in its price, mirroring the broader market sentiment. The ENA price has declined by 1.8% over the last 24 hours and 7.96% over the last week.

At the time of writing, ENA is trading at $0.5539 with a market capitalization of $3.81 billion. Its trading volume has also decreased 16.69% to $348.72 million, reflecting that traders and investors are entering the market.

Source: CoinMarketCap

Ethena (ENA) Community Supports Upward Momentum

According to the data from CoinMarketCap, the sentiment of the community reveals that a vast majority of voters, 83%, are bullish, as they predict that the asset will appreciate. This reflects a prevalence of optimism and faith among players. Such a large percentage makes it an even more highly tilted outlook towards development.

Source: CoinMarketCap

Conversely, 17% of users are bearish and think that the market will go down. Though this is a lesser segment, this is an indication of fear from the community as well. Among 105.9K voters, this is a minority segment that is a voice of dissent.

Also Read: Ethena (ENA) Price Crash: Analysts Warn Drop to $0.45 Before $1.27 Rally

Ethena Price Shows Potential and Eyes $0.80 Resistance

Ethena (ENA) is showing signs of weakness after forming a double top at key resistance, a bearish pattern that often signals trend reversal. The rejection has pushed the token into a steep decline, raising red flags for traders considering long positions. Momentum appears to favor sellers as the market struggles to find immediate support.

Source: X

Following a good rally that reached twice to a resistance of around $0.80, the price has remained in a bear trend. It is possible to have a bullish reversal from a noted grey area of demand at $0.45–$0.50 that earlier served as resistance before breaking through. This indicates that if it finds support there, it is going to consolidate before it proceeds further upwards to a target of $0.80 again.

Ethena Technical Indicators Hint at Ongoing Pressure

The weekly chart of Ethena registered a significant pullback to $0.55, moving quite close to the lower Bollinger Band of $0.515. Subsequent candles of a red color indicate sustained pressure from selling, with the 50-week SMA offering critical support. A strong fall below $0.515 has a risk of checking the lower band close to $0.14, whereas a regain of $0.88 will decisively revive buying pressure.

Source: TradingView

RSI (14) is located around 49.97, indicating continuous market indecision about the neutral zone. Weakness in momentum is being indicated by the MACD, which is forming a potential bear crossover. Unless buying is strong to defend through the $0.51 support zone, pressure to move lower could remain intact.

Also Read: Ethena Price Analysis: Is ENA Ready for a Rebound or Deeper Fall?