Ethena (ENA) is currently trading at $0.226695, reflecting a 24-hour decline of approximately 3%. The price has fluctuated between a high of $0.233703 and a low of $0.226182 over the past day, indicating a relatively tight daily range of 0.007521%.

Trading volume stands at 83,758,825, representing a market activity ratio of 4.65% relative to market capitalization. The hourly moving averages suggest a bearish trend, with the 8 SMA at $0.2307 showing a decrease of 1.76%, and the 55 SMA down 2.38% at $0.2322.

The Relative Strength Index (RSI) indicates a short-term bearish sentiment, with the 1-hour RSI at 41, while the 7-day RSI is slightly better at 46. Price changes over varying periods reflect mixed sentiment; the 7-day price change is down 4.76%, but the 14-day change is positive at 5.42%, suggesting potential stabilization.

Over the last 30 days, ENA has decreased by 14.65%, highlighting ongoing bearish momentum since its last significant price movements. The all-time high remains at $1.52, reached in April 2024, which indicates significant potential upside if recovery occurs.

Considering the current technical indicators and price action, the short-term trend appears bearish, with continued pressure from moving averages and RSI levels suggesting further downside risk. Therefore, the recommendation for Ethena (ENA) is to Hold, awaiting clearer signals of a reversal before considering entry points for a Buy.