The modest loss of 1.51% in market cap has pulled back to $3.28 trillion. The downturn caused the assets to fall from their former highs to lows. Bitcoin trades at $103.4K and Ethereum hovers at around $2.4K. Aligning with the active downtrend in the market, Ethena (ENA) has slipped by

• Ethena is trading around the $0.38 level.
• The market has observed $1.63 million in ENA liquidations.

The modest loss of 1.51% in market cap has pulled back to $3.28 trillion. The downturn caused the assets to fall from their former highs to lows. Bitcoin trades at $103.4K and Ethereum hovers at around $2.4K. Aligning with the active downtrend in the market, Ethena (ENA) has slipped by 0.10%.

In the early hours, Ethena traded at a low of $0.3723. The brief presence of the bulls has driven the asset’s price to a high of $0.3939, after breaking the resistance range at around the key $0.3848 level. 

At the time of writing, Ethena traded within the $0.3810 range, with its market cap reaching $2.21 billion. The daily trading volume has dropped by 6.67%, touching $297 million. Besides, the market has observed a 1.63 million in Ethena liquidation as per Coinglass data. 

The asset’s monthly price chart shows a gain of over 37.60%. The asset began trading at around $0.27. Gradually, Ethena’s momentum builds, and it reaches its monthly high at the range of $0.45.

What is Ethena’s Next Move?

The ongoing downside correction of Ethena has the potential to push the price to the nearby support range at $0.3825. Assuming the bears in command kickstart the death cross, the price might retrace to the $0.37 threshold. This level acts as a crucial point, and further breakdown could bring more downtrend. 

Conversely, if the bulls wake from their sleep, a reversal will likely trigger Ethena’s price. It will find the immediate resistance range at around $0.39. A steady gain above this level could invite the golden cross and open the gateway for more upside correction, eyeing the $0.40 mark. 

ENA’s Moving Average Convergence Divergence (MACD) line and the signal line have crossed below the zero line, implying a bearish crossover. The downside momentum is dominant, and the asset may continue facing selling pressure unless a reversal occurs. 

Significantly, the Chaikin Money Flow (CMF) indicator of the asset is resting at -0.03. This points out that outflows slightly outweigh inflows. Also, the sellers are slightly dominant in the market. 

The asset’s Bull Bear Power (BBP) value of -0.0014 suggests that bears are slightly dominant, with mild selling pressure. The ongoing market sentiment of Ethena is neutral, neither overbought nor oversold, as the daily relative strength index (RSI) is found at 46.74.

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