Ethena Price Analysis

Ethena

ENA

tickers down

€0.9761

fell below the 20-day EMA ($1) on December 19, but the bulls quickly reclaimed the level on December 20.

The upward-sloping 20-day EMA and the RSI just above the midpoint signal a slight advantage for the buyers. The bulls will try to push the price to $1.23 and then to $1.33. The sellers are expected to defend this zone strongly, but if the bulls prevail, the ENA/USDT pair could rise to $1.52.

This positive view will be invalidated in the near term if the price pulls back and breaks below the 20-day EMA. The pair could then drop towards the 50-day SMA (0.76

The flat moving averages and the RSI near the midpoint on the 4-hour chart suggest a balance between supply and demand. The pair could range between $1.23 and $1 for some time.

Buyers will need to push the price above $1.23 to take control. The pair could rise to $1.33 and then to $1.52.

Conversely, a drop below $1 could sink the pair towards $0.84. This is a crucial short-term support to watch as a break below this level will signal a change in the short-term trend.