Ethena (ENA) is currently trading at $0.261934, reflecting a significant decline of 5.70% over the past 24 hours. The price action has been volatile, with a daily range of $0.02975, touching a high of $0.280779 and a low of $0.251029 during this period.

The volume traded in the last 24 hours stands at approximately 293,315,960 ENA, which accounts for 15.04% of its market cap, indicating a relatively high level of trading activity. However, the downward pressure on the price, illustrated by the 7-day RSI at 47 and the hourly RSI at 32, suggests increasing bearish sentiment among traders.

Moving averages further support this bearish outlook, with all short to medium-term SMAs (8, 13, 21, 55) showing declines between 2.12% and 4.74% from their respective current prices. Notably, the 144 SMA at $0.2750 indicates that the price is significantly below this level, reinforcing the trend of downward momentum.

In terms of longer-term performance, ENA has experienced substantial price declines, with a 30-day price change of -42.07% and a 14-day change of -21.44%. This trend reflects ongoing selling pressure and suggests that investor sentiment remains negative as the token trades well below its all-time high of $1.52 reached in April 2024.

Given the combination of negative price momentum, declining moving averages, and poor RSI indicators, the current market sentiment for Ethena appears to be bearish. Therefore, the recommendation is to Sell, as there is no indication of a near-term recovery and the potential for further declines remains significant.