• Ethena (ENA) shows slight recovery at $0.5918, but overall momentum remains weak with weekly losses.
• A double top near $0.60–$0.62 signals strong resistance, keeping downside risk in focus for investors.
• RSI near 39 and bearish MACD readings suggest pressure remains, with $0.40 as a possible next target.

Ethena (ENA) will probably have moderate growth, but its price is expected to be volatile. Some recovery is anticipated; however, the overall market movement indicates a more constrained increase, and price fluctuations can be expected in the future.

As of press time, Ethena (ENA) is trading at $0.5918, and it has been increasing by 2.21% in the last 24 hours. Though the movement is positive, the trading volume also experienced a minor decline of 3.43% and is now standing at $158.91 million. Over the last seven days, the ENA coin has experienced a price fall of 8.4%.

Source: CoinMarketCap

Double Top Formation Reinforces Bearish Outlook for Ethena

Alpha Crypto Signal, a popular analyst, highlighted a pronounced double top formation on the daily chart. ENA encountered resistance at the $0.60 and $0.62 levels, which is now firmly depending on a recovery. The neckline is now modified to support resistance, which reinforced downside bias. The wider market structure will stay leaned downward unless ENA passes this zone with conviction.

Analysts indicate that a downward shift to $0.40 could occur should the pressure to sell increase. Any retesting of the neckline by rejection below $0.60 will probably contribute to the downside confirmation. The level is critical to traders, as it will determine whether short-term recovery can be gained or whether more decisive corrections take place.

Source: X

Also Read: Ethereum Price Movement Signals Potential Q4 Surge for Investors

Open Interest and Volume Show Speculative Uptick

According to CoinGlass data, the trading volume increased 12.60%, totalling $802.72 million, and the volume of open interest rose 1.59% to $1.05 billion. This signifies an increase in speculative trading in the derivatives market. The OI-weighted funding rate of 0.0064% indicates a neutral to slightly bullish position.

Source: CoinGlass

Ethena RSI Near Oversold as MACD Stays Bearish

The Relative Strength Index (RSI 14) stands at 39.10, with an average of 41.43. These values position ENA close to overselling levels, yet do not suggest a significant potential for reversal. The MACD value is 0.0135, the signal line is -0.0182, and the histogram is -0.00317. This position indicates that bearish momentum is there, but the pressure on the downslope is looking to be relaxed.

Source: TradingView

Ethena shows minimal short-term progress while remaining below a significant resistance level. The neckline at $0.60 is the line that has to be crossed over. The inability to reclaim it will probably affirm the bearish formation and pave the way to lower goals. In the short term, the technical picture of ENA is not very encouraging, and the risk of drawbacks is stronger than the opportunities of recovery.

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