Bearish / Sideways (Local decline). BTC maintains dominance at 59.4%, draining liquidity from altcoins. The overall market is in a wait-and-see mode pending the Fed's decision on rates, which is weighing on the quotes of high-volatility assets.
News impact: For Ethena (ENA), a strong, specific catalyst is at work: the recently approved Fee Switch (directing 95% of net income to buy back ENA) creates a strong long-term foundation. However, the main local risk factor is that on October 5, 2026, there will be a full release of investor tokens (1.41B ENA). This removes chronic monthly pressure in the future, but right now it forces market makers to keep the price low to absorb liquidity. Buying at the current price is a mistake; we’re waiting for capitulation
THESE OF TECHNICAL ANALYSIS
Key thesis: ENA/USDT is trading within a descending local wedge near the $0.1401 mark. The local low has been recorded at $0.1359. Considering the pressure ahead of the token breakout on October 5, there is a high probability of a final impulsive dump (liquidity sweep below the low), after which the asset will move into mirrored accumulation.
Strong spot levels:
Support (Buy): $0.1360 (local low), $0.1220 – $0.1250 (zone of the historical order block / solid bottom)
