📉 Ethena [ENA] Struggles to Maintain Gains
Ethena [ENA] recently surpassed $1, a level last seen in June 2024, but has since dropped below it. At press time, ENA recorded a 6.26% daily decline, reducing its weekly gains to 12.85%. Sentiment indicators suggest further losses may be ahead.

⚠️ Ascending Channel Breakdown
ENA broke below an ascending channel as bearish sentiment took over, leading to increased selling pressure. The breakdown could see ENA pause at $0.8888, but if declines persist, key support zones at $0.6852 and $0.5826 could come into play, erasing over half its recent gains.

📊 Bearish MACD and RSI Signals
The MACD indicator has formed a “death cross,” signaling potential bearish momentum as the short-term average falls below the long-term average. Additionally, the RSI has dropped to 44.58, below the neutral 50 mark, reflecting increased selling pressure.

💼 Market Favors Sellers
With a long-to-short ratio of 0.8847, there are more sellers than buyers in the market. Over the past 24 hours, long traders lost $1.19 million compared to $95,400 in short losses, suggesting market sentiment favors further downside for ENA.

🚨 Outlook for ENA
If current trends persist, ENA’s price could continue falling, potentially breaching key support levels and extending its decline. Investors should monitor the market closely for further developments.