Ethena Price Analysis: Key Levels and Trends to Watch Today
The recent performance of the #Ethena price on the 4-hour chart reveals a market that is testing critical levels, both in terms of support and resistance. With the price currently hovering around the $0.318-$0.317 range, traders are keenly watching how it interacts with both resistance and support levels.
The Ethena price has been consolidating just above a crucial support level at $0.305, which has held firm in recent sessions. This level acts as the first line of defense for bulls, while the next significant support lies at $0.294. If the Ethena price were to breach this zone, it could signal a deeper pullback towards $0.261, which represents a more substantial area of support.
On the upside, immediate resistance is found around $0.325, a level that has capped recent attempts at recovery. A break above this could see the Ethena price target $0.335, with $0.342 serving as a more distant but vital resistance level. A successful breach of these resistance levels would suggest a potential shift in momentum, opening the door for a more sustained bullish rally.
Looking at the exponential moving averages (EMAs), the 9 EMA has been consistently above the 20 EMA, indicating that short-term momentum still leans bullish. However, the gap between these two EMAs is narrowing, suggesting that the bullish momentum may be weakening. This development is supported by the recent MACD readings, which show a decreasing MACD line and a histogram that has transitioned from positive to negative territory. These signals could imply a potential bearish crossover, which often precedes a downturn.
Meanwhile, the Relative Strength Index (RSI) has been hovering around the 50 level, which suggests a lack of strong momentum in either direction. With recent readings dipping slightly below 50, there is a risk that the Ethena price could tilt towards bearish territory if selling pressure increases. $ENA #ENA #altcoins The full analysis and trade strategy were posted on www.ecoinimist.com.