Market Overview for Ethena/BNB (ENABNB)

• Price declined 2.1% over 24 hours, closing near a prior support level
• Volume surged after 18:00 ET but failed to sustain higher momentum
• RSI showed bearish divergence late in the session
• Bollinger Bands expanded, indicating increasing volatility
• Key support tested at 0.0009034 as bullish rejection occurred

Ethena/BNB (ENABNB) opened at 0.0009034 on 2025-09-09 12:00 ET and closed at 0.0009069 on 2025-09-10 12:00 ET. The pair reached a high of 0.0009542 and a low of 0.0008867. Total volume was 283,336.39 units, with a notional turnover of $257,401.

Structure & Formations

The 24-hour chart displayed a bearish trend with a key support level forming around 0.0009034 after a strong rejection occurred late in the session. A bearish engulfing pattern formed around 18:30 ET as price closed below a prior bullish candle. A notable 61.8% Fibonacci retracement level aligned with the low of the session at 0.0008867, suggesting potential near-term support.

Moving Averages

Short-term momentum was bearish with the 20- and 50-period moving averages on the 15-minute chart sloping downward. Price has been below both indicators for the majority of the session. On the daily chart, the 50-period moving average crossed below the 200-period line, indicating a bearish bias in the broader trend.

MACD & RSI

The MACD crossed below the signal line during the early evening hours, confirming bearish momentum. RSI showed a divergence, peaking at 58 and then declining to 44 despite volume increasing. This divergence suggests potential exhaustion of the bearish move.

Bollinger Bands

Bollinger Bands experienced a notable expansion during the afternoon session, with price trading near the lower band for most of the period. This widening of the bands indicates increased volatility, with price occasionally bouncing off the upper and lower channels.

Volume & Turnover

Volume spiked significantly during the 18:00–21:00 ET window, but price failed to break above 0.0009542, indicating weak buying pressure. Turnover was highest in the afternoon with a peak of $10,000 during the 19:45 ET candle. Price and volume showed a moderate divergence as volume decreased slightly after 22:00 ET while price continued to fall.

Fibonacci Retracements

Key Fibonacci levels were identified from the high of 0.0009542 to the low of 0.0008867. The 61.8% retracement at 0.0009076 aligned with a recent support level and was tested multiple times during the session. Price briefly rejected this level but remains under pressure.

Backtest Hypothesis

A potential backtest strategy involves using a confluence of RSI divergence and Bollinger Band reversion to enter a long position when RSI falls below 38.2% and price bounces off the lower band. Stop-loss would be placed below the 61.8% retracement level, with a target near the 50% Fibonacci level. This approach leverages both momentum and volatility signals to identify potential turning points.

Looking ahead, a break above 0.0009076 could spark a countertrend rally, but further consolidation below this level may accelerate the bearish trend toward 0.0008900. Investors should remain cautious, as divergences suggest a potential reversal is not out of the question in the near term.