Ethena ENA is forming a head and shoulders pattern, a bearish signal on its chart. This pattern suggests potential extended selling in upcoming trading sessions. The recent decline of 11.89% over the past week and a further 2.01% in the last 24 hours highlights ongoing pressure.

If the ENA price dips below the support level, it might experience a significant fall to approximately 0.454 USD. This would represent a 49.10% drop from the current value of 0.92 USD. Such a decrease without significant support could even lead to further reductions as market sentiment weakens.

The derivative market reveals intensified selling pressure, with a negative funding rate at -0.0019%. This indicates HIGH bearish sentiment among traders. Additionally, a decline in ENA’s Open Interest suggests reduced trading enthusiasm as investors aim to prevent losses.