This snippet will definitely save you some time searching for the proper structure, it loops over entity referenced nodes and sets a background image from that node:

{% for trend in paragraph.field_trend_reference %}
  <a href="{{ path('entity.node.canonical', {'node':}) }}" target="_blank" class="trends-item" style="background-image:url('{{file_url(trend.entity.field_overview_image_small.0.entity.uri.value)}}');background-size:cover;background-repeat:no-repeat;">
    <h4>{{ trend.entity.label }}</h4>
{% endfor %}



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