The value of Ethena, a digital asset, has declined in the past few days, with a 7% drop in the past 24 hours. Its market capitalization has dropped below $3 billion, down from $3.88 billion on January 6. Technical indicators suggest further downside for Ethena, with a bearish formation on the 1H chart, including a death cross. The altcoin's 50-day EMA has also moved below the 200-day EMA. The RSI is at its lowest level since August last year, indicating oversold conditions. The Chaikin Money Flow indicator also supports a bearish outlook for Ethena. The coin currently trades at $0.94 and could potentially slump to $0.86, but oversold conditions suggest possible rebounds. A bull resurgence could push the price towards resistance levels at $1.01, $1.12, and $1.31.



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