ambcrypto.com
Ethena [$ENA] has rallied 14.6% over the past 24 hours, extending the gains it made on Monday, the 6th of April. The crypto market saw a bullish boost from the short liquidations that followed President Trump’s ceasefire announcement.
Ethena plans to diversify its $USDe reserve assets into non-crypto assets, which is why $ENA has been rallying even before the announcement. The crypto rout since October 2025 saw declining $USDe supply and yield.
The protocol’s founder, Gary Young, had said that Ethena was poorly positioned since that crash. Including non-crypto reserve assets will boost its falling yield and aid market performance.
$ENA’s trend remains bearishly poised
The lower highs on the 1-day timeframe, highlighted in white, showed that Ethena continued to labor under a bearish trend. The RSI was below neutral 50, and the OBV was in a slump, too.
This showed that the trend, selling pressure, and market structure were all in favor of the sellers. Even the rally in recent days, though it was high-volume, was unable to convincingly smash past the $0.094 local highs.
This was a complication for $ENA bulls. Or, in a way, some pessimistic participants would say it makes the picture clearer. The sweep of the $0.095-$0.10 local highs means that the Ethena relief rally is over.
A new leg downward can commence from these liquidity pockets.
Traders’ call to action – Sell
The past month’s liquidation heatmap showed a cluster of short liquidations from $0.094 to $0.10. This was the same band of resistance that the price has struggled to clear in the past 12 hours of trading.
The 4-hour timeframe’s structure remained bearish. The $0.095 level must be beaten for the swing structure to shift bullishly. A breakout and retest as support can inform bulls that the momentum might continue.
Until then, traders can maintain a bearish bias and look to take profits from the bounce.
Final Summary
- Ethena has racked up sizeable gains since the start of the week and was aided by the ceasefire announcement and crypto market bounce.
- The $0.095-$0.10 resistance level remained in place, and traders should be prepared to take profits in this area as the swing structure remained bearish.