- Ethena retreats after hitting nine-week high as bulls pause at key upside hurdle.
- Overbought RSI (14) and strong resistance zone challenge continuation of ENA uptrend.
- Successful trading above key moving averages defend bullish bias.
- 50-day SMA acts as critical support, while a break above $0.51 could trigger a rally toward the 200-day SMA.
Ethena (ENA/USD) fell over 6% intraday on Thursday, pulling back from a two-month high and trading near $0.38 heading into the European session.
ENA continues to drop, followed by Tuesday’s strong rebound — the biggest daily gain in a week — after bouncing off the 100-day Simple Moving Average (SMA) and 50-bar Exponential Moving Average (EMA). However, the rally failed to break through a key multi-month resistance zone and was followed by a decline in the Relative Strength Index (RSI) 14 line to pave the way for the latest ENA/USD loss.
Despite the dip, bullish signals from the Moving Average Convergence Divergence (MACD) indicator and price action above key support levels suggest that upside potential remains intact.
Technical chart: Daily chart highlights roadblock to 200-day SMA
Source:Tradingview
Ethena (ENA) faces strong resistance between $0.46 and $0.50, a zone that has repeatedly capped gains since mid-October 2024. This barrier becomes even tougher as the RSI (14) pulls back from overbought territory, signaling fading momentum.
Still, any downside may be limited, with the 100-day and 50-day SMAs near $0.38 and $0.33 providing solid support, reinforced by bullish MACD signals.
In a case where the ENA/USD bears smash the $0.33 support comprising the 50-day SMA, the cryptocurrency pair will be vulnerable to drop toward the yearly low marked in April surrounding $0.25.
On the flip side, a daily close above $0.50 could open the door for a rally toward the 200-day SMA at $0.59, then $0.60, and possibly $0.65.
ENA/USD: Four-hour chart signals sluggish moves
Source:Tradingview
ENA/USD faces resistance near $0.46–$0.50 zone, with weak momentum shown by sluggish RSI (14) and unclear MACD signals.
This suggests weaker support to the latest retreat in ENA prices and likelihood of witnessing a rally should the quote manage to cross the $0.50 resistance.
Alternatively, 50-bar EMA offers immediate support to the ENA/USD prices near $0.37. That said, a convergence of the 200-bar EMA and a previous resistance line stretched from early March, close to $0.34 at the latest, appears a tough nut to crack for Ethena bears.
To sum up, Ethena pullback remains elusive above $0.33, but bulls need strong catalysts to overcome $0.50 and 200-day SMA hurdles, suggesting a slow grind toward the north.
