Ethena's rally faces roadblocks as bearish trend persists

Ethena has been one of the standout performers in the crypto market over the past 24 hours, with its price surging by 14.6% since Monday's low. This rally has been fueled by a combination of factors, including the ceasefire announcement and the crypto market bounce. However, despite this recent uptrend, Ethena's bearish trend remains intact.

The protocol's decision to diversify its USDe reserve assets into non-crypto assets is expected to boost its yield and aid market performance. This move was made in response to the declining USDe supply and yield since October 2025. However, this shift may not be enough to overcome Ethena's underlying bearish trend.

The price action on Ethena's chart suggests that it is due for a downturn. The $0.095-$0.10 resistance level remains in place, and traders are advised to maintain a bearish bias. A breakout above this level would be required to shift the swing structure bullishly.