$ENA 24h From 0.217 it slid all the way down to 0.1983. It’s now only barely holding at 0.2081, down 3.65%. Trading volume: $215 million—this isn’t small. But the price couldn’t hold, which suggests real sell pressure, not just a few retail traders dumping. On-chain, I’ve been watching several whale addresses: a couple of days ago there was still buying around 0.21, but today the activity is clearly quieter. Community sentiment has cooled as well—earlier the USDe narrative from Ethena was getting a lot of buzz, but discussion has dropped off significantly. This is a classic “narrative cool-down period.” On the flip side, this combination of a thinning volume grind lower plus fading sentiment is often more grindy than a high-volume panic, but it also tends to be closer to a forming local bottom structure. The low at 0.198 is the key short-term level—if it breaks, you’ll need to look to the next support zone; if it holds, then on a rebound first watch whether it can reclaim 0.217.

$ENA #行情分析 #On-chain data