ENA rose 5.48% in 24 hours, but the overall trend for Ethereum remains bearish.
This surge was accompanied by a 93% increase in daily volume and a 10% increase in Open Interest, while Bitcoin continued to weaken after being rejected at the $67,200 level. The overall context remains risk-averse following the Fed's decision to keep interest rates unchanged.
- ENA is one of the few top 100 altcoins that has increased in price over the past 24 hours.
- The long-term trend for Ethereum remains bearish after breaking below the $0.0765 mark.
- The $0.094, $0.099, and $0.10 levels are the nearest resistance levels for ENA.
ENA is showing a short-term increase but has not yet reversed the trend.
ENA is experiencing a short-term recovery, but the price structure on the daily timeframe remains bearish. The price falling below the 0.0765 USD low in April confirmed the continuation of the downtrend.
By June 10th, ENA had hit a new Dip at $0.0699 before surging nearly 33% in 8 days. However, this was only a pullback within a larger trend, not a signal that the downtrend had ended.
A weaker Bitcoin is putting pressure on altcoins.
Bitcoin also remains in a downtrend and has only rebounded 5.27% from its recent Dip , significantly less than the recovery of ENA. When BTC weakens, market sentiment often causes altcoins to fluctuate sharply in an unfavorable direction.
The Fed keeping interest rates at 3.50%-3.75% and sending slightly more hawkish signals has reduced risk appetite in the market. In such an environment, altcoin rallies are often more susceptible to selling pressure than forming a sustainable uptrend.
Key price levels to watch on the ENA chart.
On the 4-hour timeframe, $0.10 is the most significant psychological resistance level for ENA. Below that, $0.094 and $0.099 are two Fibonacci levels acting as resistance to a potential rebound.
If Bitcoin continues to face selling pressure, ENA could be negatively impacted in the short term. Given the current picture, the upward movement in Ethena should still be XEM as a technical rebound rather than a confirmed reversal signal.
Summary
ENA is experiencing a short-term surge that is significantly more prominent than many other altcoins, but the overall trend remains downward and nearby resistance levels have yet to be breached.
