At this price, ENA has already lost 90% of its value from its all-time high, yet nearly 90% of the circulating supply is still overhead. The price is layered with holders waiting to break even, so talking about a recovery at this level is just wishful thinking. Open interest in futures contracts shrank by 10% in a single day, sending it straight into capitulation territory. Moving averages are pushing the price lower, and speculative money is already heading for the exits. That historical low below is the only thing left to cling to—if it doesn’t hold, another round of bottom-finding is coming.