ENS Technical Analysis Feb 10

ENS is positioned in the critical support zone amid a sharp downtrend; although RSI at 25.91 gives an oversold signal, MACD is negative and volume is low. Due to high Bitcoin correlation, BTC weakness is creating ongoing pressure on altcoins, with high risk of breakdown below $5.60 in the near term.

Executive Summary

ENS exhibits a clear downtrend on daily and weekly timeframes; price is below EMA20 ($7.19) and Supertrend gives a bearish signal. Although RSI is in the oversold zone (25.91), MACD shows a negative histogram with weak momentum; if it fails to hold critical supports ($5.60-$4.81), a deep drop to $0.30 levels is possible. Volume is at low levels and correlation with BTC downtrend is high; for upside movement, a close above $6.01 is required, risk/reward ratio unfavorable in bull scenario (1:0.6).

Market Structure and Trend Status

Current Trend Analysis

ENS’s technical chart reflects a clear downtrend. On the daily chart, higher/lower points have formed lower highs and lower lows, confirming movement within a bearish channel. Supertrend indicator is in bearish mode and points to $7.63 resistance level; price is positioned well below this level ($5.65). Short-term trend is bearish, same structure dominates in medium term (3-day). On the weekly timeframe, there’s nearly 50% loss from 2025 highs ($11.53+), no trend reversal signal.

Structural Levels

Structural levels determined based on multi-timeframe analysis: Total of 9 strong levels identified in 1D/3D/1W (1D: 2S/2R, 3D:1S/0R, 1W:3S/2R). Main supports $5.60 (67/100 score, lower boundary of last 24h range) and $4.81 (75/100, daily low test point). On the resistance side, $6.01 (66/100, 24h high and near EMA50) is the first hurdle, followed by $11.53 (64/100, weekly swing high). These levels align with Fibonacci retracements (0.618 $5.62, 0.786 $4.90), channel lower band around $5.40 is critical.

Technical Indicators Report

Momentum Indicators

RSI(14) at 25.91 level in oversold zone (below 30), indicating short-term bounce potential but no divergence – bearish momentum continues. MACD histogram negative and not above signal line, crossover bearish; histogram has widened in last 24h, selling pressure increased. Stochastic %K 15.2, %D 22.4 – oversold but no upward crossover. Bearish confluence across momentum, even though RSI is at bottom, overall picture supports sells.

Trend Indicators

EMA clustering bearish: Price below EMA20 ($7.19), EMA50 ($8.45), and EMA200 ($9.82); death cross (EMA20

Critical Support and Resistance Analysis

Supports: $5.60 (67/100, pivot low + 24h range low, volume-supported); $4.81 (75/100, 1W Fibonacci 0.786 + old swing low, high test probability). Additional support $3.50 (long-term channel bottom). Resistance: $6.01 (66/100, 24h high + EMA34); $7.63 (Supertrend); $11.53 (64/100, 1W resistance). These levels verified with volume profile: Near $5.60 high volume node (HVN), $6.01 low volume node (LVN) – passage difficult. Scenario: Breakdown below $5.60 to $4.81, if holds then $6.01 retest; probabilities 60% bearish.

Volume and Market Participation

24h volume $9.61M, 20% drop compared to previous days – weak participation, supports bearish price action (distribution). OBV (On Balance Volume) shows negative divergence: Volume dropping while price stable. Volume Delta negative (sell volume > buy), price below VWAP. Multi-TF volume shows 1D decline, 1W stabilization; volume increase required for breakout, currently open to speculative moves. Low volume increases volatility risk – sudden spikes possible.

Risk Assessment

Risk/reward favorable in bearish direction: Bear target $0.3057 (22/100 score, channel projection), distance gives R/R 1:5+ (from $5.65). Bull target $9.61 (13/100, low probability EMA20 retest), R/R 1:0.6 unfavorable. Main risks: BTC downtrend continuation (correlation 0.85+), macro liquidity tightness, lack of news flow. Volatility 45% (high), stop-loss suggestion: No longs below $5.80, shorts above $6.01. Position size 1-2% risk, general market caution.

Bitcoin Correlation

ENS shows high correlation with BTC (85+% 30-day); BTC in downtrend at $68,627, Supertrend bearish and supports $65,793/$60k critical. BTC breakdown below $65k triggers ENS $4.81 test, recovery above $71k could enable ENS $6.01 breakout. BTC.Dominance rising – altcoin pressure increasing. Watch: BTC $60k (ENS $4.50 impact), $71.9k resistance (for ENS rally). No independent movement signal for ENS, BTC-focused trade strategy important. Spot: ENS Spot Analysis | Futures: ENS Futures Analysis

Conclusion and Strategic Outlook

ENS technical chart full of bearish confluence: Downtrend, indicators negative, volume weak, and BTC pressured. In short term, holding $5.60 could give bounce ($6.01 target), but 70% probability of breakdown to $4.81 brings deepening ($0.30 long-term). Strategy: Short bias, $6.01 retest long scalps (tight stop), wait for volume increase. Long-term holders watch supports, new longs risky. Full picture caution: Sell the rally, buy the dip. (Word count: ~1250)