Despite ENA’s significant price decline, analyst Ali Martinez identifies bullish signals on the 4-hour chart as Ethena prepares to launch its institutional iUSDe token.
By Parth Dubey
Edited by Marco T. Lanz
Updated
3 mins read
Martinez highlighted in a post on X (formerly Twitter) that the TD Sequential indicator for the ENA price action has “flashed multiple buy signals on the 4-hour chart.” While a bearish trend prevails, Martinez expects the exhaustion of the trend in the near future. However, this could just be a speculation, as the crypto market has turned extremely volatile recently, with traders claiming that there is no rhyme or reason in the industry.
The 4-hour ENA price chart shared by Martinez clearly illustrates a bearish trend, as price action is forming lower highs and lower lows. The 50% Fibonacci retracement level at 0.6066 and the 61.8% level at 0.5859 were both rejected, confirming that sellers are in control. Additionally, the red “9” suggests a completed TD Sequential setup, potentially indicating a reversal in the trend.
Source: Ali Martinez
On the other hand, if ENA turns bullish, the nearest resistance stands around $0.5450 – $0.5600, and if the cryptocurrency flips 0.5859 (61.8% retracement), a trend reversal can be confirmed. However, the breakout should have decent volume to confirm the reversal. In the short term, investors can expect a further downside to $0.4834 – $0.4637, before the altcoin pushes higher.
Source: TradingView
Meanwhile, the Relative Strength Index (RSI) reads a value of 32.67, also suggesting that the bears are in control. The gradient of the line indicates an entry into the oversold region, which could present favorable entry positions for investors. At the time of writing, the ENA token is breaking out of the lower end of the Bollinger Bands as bears and uncertainty dominate the crypto market.
According to the 2025 roadmap shared by Ethena, the iUSDe token will debut later this month. A date hasn’t been mentioned, but the developers are possibly working on rolling out the yield-bearing synthetic dollar. The token is based on the Ethena Staked USDe (sUSDe), which is a reward-bearing token that increases in value over time.
iUSDe aims to target institutions and is basically sUSDe with more restrictions at the token level and a simple additional “wrapper contract”. While Ethena’s USDe is currently the 3rd largest dollar-pegged stablecoin, an X user, “Gravano”, claims that iUSDe will be geared towards institutions, “creating a product that issuers such as Blackrock, Franklin Templeton, and Fidelity could distribute to their clients.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
