$ENA I’m moderately bullish on the short term, but I won’t chase above around 0.172. Governance catalyst has already landed. What truly determines whether it can move into a second leg is whether new positions can push the price through 0.173.
Ethena’s fee switch voting has ended. The support vote power is about 17.79 million, with 0 against. The approved mechanism will use part of the protocol revenue for ENA buybacks. The first trigger line is when USDe supply reaches $7.5 billion—how much further positive realization holds still depends on product scale. On the chart, from 17:00 to 18:00 on Binance spot, the high was 0.1728 and it closed at 0.1698, with about $2.34 million in volume, higher than roughly $1.66 million in the previous hour. Meanwhile,同期 (same period) futures open interest rose from about 583 million to 590 million, and price hasn’t broken down. Funds are waiting for direction, but leverage will also amplify the next move’s volatility.
I’ll wait for a pullback to hold between 0.1688 and 0.1695; then on a 15-minute chart, I’d turn more bullish if it reclaims above 0.1716. If, on the 1-hour chart, it rises on increased volume and closes back above 0.173 to confirm strength, that’s the case. If the 1-hour closes below 0.1655, the bullish thesis fails. #ENA #Ethena #DeFi #合约观察
Ethena’s fee switch voting has ended. The support vote power is about 17.79 million, with 0 against. The approved mechanism will use part of the protocol revenue for ENA buybacks. The first trigger line is when USDe supply reaches $7.5 billion—how much further positive realization holds still depends on product scale. On the chart, from 17:00 to 18:00 on Binance spot, the high was 0.1728 and it closed at 0.1698, with about $2.34 million in volume, higher than roughly $1.66 million in the previous hour. Meanwhile,同期 (same period) futures open interest rose from about 583 million to 590 million, and price hasn’t broken down. Funds are waiting for direction, but leverage will also amplify the next move’s volatility.
I’ll wait for a pullback to hold between 0.1688 and 0.1695; then on a 15-minute chart, I’d turn more bullish if it reclaims above 0.1716. If, on the 1-hour chart, it rises on increased volume and closes back above 0.173 to confirm strength, that’s the case. If the 1-hour closes below 0.1655, the bullish thesis fails. #ENA #Ethena #DeFi #合约观察