Ethena (ENA) Price Prediction 2023-24: Will ENA Recover After the Recent Bloodbath?

Ethena [ENA] was down 6.5% in the past 24 hours and its daily trading volume had been slashed nearly in half. The losses on the 3rd of February saw some bidding

Ethena [ENA] price analysis: Bearish structure persists due to lower highs, lows, Fib levels might provide support

Ethena (ENA) was trading at $0.543 on the 4th of February, after a 6.5% loss in the past 24 hours. However, the token had lost close to 25% in the past week. ENA’s price action was bearish on the daily chart.output

A glance at Ethena’s daily chart showed that the bears were in control. The series of lower highs and lower lows in the past three weeks created a clear downtrend.

The bulls had some hope at the 61.8% and 78.6% Fibonacci retracement levels, which could provide support and stall the bearish momentum.

The Awesome Oscillator (AO) indicator was below zero and falling, indicating bearish price momentum. The Accumulation/Distribution (A/D) indicator also showed a lack of consistent buying volume, which was evident in ENA’s weakness during the recent liquidation event.

While some altcoins and Bitcoin (BTC) could recover after the market uncertainty subsided, ENA might face difficulties due to the upcoming token unlocks.

However, traders could find opportunities in the upcoming price support and resistance levels. The $0.5 and $0.437 levels were the next supports to watch, with the former being a bullish order block from November that initiated the rally.

A move above the recent lower high at $0.678 would flip the market structure bullishly on the daily chart. The H4 chart also showed the $0.68 region as an important short-term resistance.

On the other hand, a drop below $0.5 could open a short-selling opportunity and a potential test of the $0.437 price level.