![What next after Ethena [ENA] crumbles below multi-month swing low on price charts? image 0](https://img.bgstatic.com/spider-data/82fc60cc6cf8731890a1f3ca3d00e0ba1781243335682.png)
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Ethena [$ENA] fell to a new swing low in recent days of trading. On Sunday, 05 April, $ENA made a low at $0.0765, and then went on to bounce to $0.14 by 10 May.
This bounce has since been erased though. Across timeframes, Ethena seemed to have a bearish bias, with the altcoin down by 4.23% in 24 hours. In fact, CoinMarketCap data revealed that the daily trading volume was down by 7.3% as well.
![What next after Ethena [ENA] crumbles below multi-month swing low on price charts? image 2](https://img.bgstatic.com/spider-data/0062a602185e326d81c9ad1e86115ec61781243336810.png)
Source: Coinalyze
Not only the volume, but the Open Interest was also in decline. The spot CVD has been trending downward over the past week, and the funding rate has fallen into negative territory multiple times.
Speculative interest faded and spot volumes and demand fell too right as Ethena tested a key swing level as support.
Ethena forced to sink below April lows
![What next after Ethena [ENA] crumbles below multi-month swing low on price charts? image 3](https://img.bgstatic.com/spider-data/5c9868d18f574ed59c9a016361d1d2d61781243337339.png)
Source:
$ENA/
$USDT on TradingView
The $0.0765-support did not hold upon a retest as the bearish market sentiment and persistent selling drove $ENA to new lows. However, there were some nuances within this downtrend.
For starters, the rally in April shifted the 1-day structure bullishly as the $0.12-swing level got breached. This bullish structure shifted bearishly during the downturn in late May.
Using this downturn from $0.14 to $0.084, a set of Fibonacci retracement levels was plotted. The 61.8% retracement level at $0.118 was tested as resistance last week before the bearish impulse move extended to the 23.6% extension level at $0.0711.
What should $ENA traders expect next?
![What next after Ethena [ENA] crumbles below multi-month swing low on price charts? image 4](https://img.bgstatic.com/spider-data/69b195eb454bb4b81527304f8588d0371781243337873.png)
Source:
$ENA/
$USDT on TradingView
The short-term $ENA trend remained firmly bearish; the moving averages and the price structure both agreed. A bounce to $0.082 is possible, but unless the $0.086 resistance is broken, a trend reversal should not be expected.
Recently, AMBCrypto reported that Ethena began expansion towards the RWA tokenization. AAA Collateralized Loan Obligations (CLOs) could help break correlation with crypto market swings, according to the team.
Final Summary
- Ethena’s short-term momentum and selling pressure forced the altcoin’s price below a key swing level from April.
- Breach confirmed the long-term bearish continuation, and the near-term $ENA outlook remained downbeat as well.
