In 3 days it rose nearly 17% and hit a new high of 0.1889. ENA’s move looks strong, but spot money has kept leaving: over the past 3 hours, net outflows were 93.52 million, and the 15-minute window has been green 12 times in a row. This new high was pushed up by derivatives leverage, not bought by spot.
Futures open interest increased 9.65% in 24 hours, yet the price has already pulled back 8% from the high. 0.174 is sitting below the 0.18 dual moving averages. Leveraged longs are absorbing the supply dumped from spot, while active buying volume in futures is only 42.7%, with a long-short ratio of 0.75 — the futures side is selling too.
What’s even more problematic is crowding. On-chain spot leverage long-short ratio has surged to 156, doubling in 12 hours, with longs packed on one side. In this kind of structure, once price loosens, forced liquidations can trigger a chain reaction.
Go short. Enter on a rebound to 0.176-0.178, first target 0.161, and look for 0.148 if support breaks. The risk is whales: 65% of large accounts are still betting on longs. If 3-hour spot flows turn positive and price reclaims 0.18, the view flips.
#ena $ENA
Futures open interest increased 9.65% in 24 hours, yet the price has already pulled back 8% from the high. 0.174 is sitting below the 0.18 dual moving averages. Leveraged longs are absorbing the supply dumped from spot, while active buying volume in futures is only 42.7%, with a long-short ratio of 0.75 — the futures side is selling too.
What’s even more problematic is crowding. On-chain spot leverage long-short ratio has surged to 156, doubling in 12 hours, with longs packed on one side. In this kind of structure, once price loosens, forced liquidations can trigger a chain reaction.
Go short. Enter on a rebound to 0.176-0.178, first target 0.161, and look for 0.148 if support breaks. The risk is whales: 65% of large accounts are still betting on longs. If 3-hour spot flows turn positive and price reclaims 0.18, the view flips.
#ena $ENA
