$ENA I don’t chase it; I’m waiting for a pullback. The mid-term catalyst looks somewhat positive, but the short-term setup isn’t suitable for chasing. The official governance proposal indeed ties buybacks to revenue, but with the current USDe supply of about $4.07 billion, the first buyback won’t start until $7.5 billion—right now there isn’t any immediate buy-side demand.
The market has already priced the expectations in: spot is up about 13% over 24 hours, with roughly $183 million in volume; the 1-hour chart moved from 0.172 to 0.1899, then kept falling, bottomed at 0.1567, and rebounded to around 0.165. The contract open interest value briefly surged to about $122 million, then slipped back to about $102 million—suggesting leveraged chasing got washed out in a round. However, the long/short ratio has risen to 1.84, meaning longs are still crowded.
My participation zone is 0.158—0.162, and I won’t take over above 0.17. A 1-hour increase in volume that reclaims 0.170 is needed to confirm a second push. If it breaks below 0.156, the short-term bullish logic fails. Don’t write “proposed buyback” as “currently buying back”—that’s the easiest trap to fall into this round.
#ENA #Ethena #DeFi
The market has already priced the expectations in: spot is up about 13% over 24 hours, with roughly $183 million in volume; the 1-hour chart moved from 0.172 to 0.1899, then kept falling, bottomed at 0.1567, and rebounded to around 0.165. The contract open interest value briefly surged to about $122 million, then slipped back to about $102 million—suggesting leveraged chasing got washed out in a round. However, the long/short ratio has risen to 1.84, meaning longs are still crowded.
My participation zone is 0.158—0.162, and I won’t take over above 0.17. A 1-hour increase in volume that reclaims 0.170 is needed to confirm a second push. If it breaks below 0.156, the short-term bullish logic fails. Don’t write “proposed buyback” as “currently buying back”—that’s the easiest trap to fall into this round.
#ENA #Ethena #DeFi