Ethena Price Analysis: Bearish Trends Persist on the 4-Hour Chart

The #Ethena price is displaying a series of bearish trends, as seen in the 4-hour chart. Recent closing prices have shown a consistent decline. This downward trend is underscored by the key technical indicators, which suggest further potential movements and critical levels to watch.

The 9 EMA has been trending below the 20 EMA, indicating a bearish crossover that typically signals continued downward pressure. The current 9 and 20 EMA alignment suggests a short-term bearish outlook, with the price consistently trading below both moving averages.

MACD values are also reinforcing the bearish sentiment. The MACD line has been consistently below the signal line, with the histogram reflecting this negative divergence. Meanwhile, the latest MACD readings show a histogram fluctuating between -0.0018 and -0.0035, highlighting sustained selling pressure. This trend indicates a lack of momentum on the buying side and a potential continuation of the downward movement.

The RSI readings have mostly been in the oversold territory, ranging from 25 to 29. These low RSI values suggest that the Ethena price is heavily oversold, which could potentially lead to a short-term corrective bounce. However, the prevailing bearish indicators suggest that any bounce might be temporary unless supported by strong buying volume.

The current support levels to watch are $0.543 and $0.510. Should the price break below these levels, it could signal further declines. On the other hand, resistance levels are positioned at $0.611, $0.656, and $0.669. A move above $0.611 would be the first sign of a potential trend reversal, with further bullish confirmation required at the higher resistance points. #ENA $ENA #altcoins #TrendingInvestments
The full analysis and trade strategy were originally posted on ecoinimist.com.