Ethena (ENA) is currently trading at $0.185367, reflecting a decline of 4.24% over the past 24 hours. The asset's daily range has been narrow, with a high of $0.195271 and a low of $0.185425, indicating low volatility in the current market environment.

Volume has surged to 160,423,355, representing 10.88% of the market cap, suggesting a notable level of trading activity despite the price decline. The short-term moving averages indicate a bearish trend, with the 8 SMA at $0.1928 showing a decrease of 3.85%, while longer averages indicate even more significant downward momentum, with the 144 SMA at $0.2189 reflecting a drop of 15.32%.

Technical indicators reinforce the bearish outlook, with the 1-hour RSI at 31, indicating oversold conditions, while the 7-day RSI sits at 35, also within the oversold territory. Additionally, ENA has experienced significant price declines over various timeframes, with a 7-day change of -15.39% and a 14-day change of -26.23%, signaling a persistent downtrend.

The asset is far from its all-time high of $1.52 recorded in April 2024, suggesting that the current price is still under substantial pressure. With the ongoing negative sentiment and technical indicators pointing toward further downside potential, the market sentiment remains cautious.

Given the technical analysis, ongoing downtrend, and oversold conditions, I recommend a Hold rating for Ethena (ENA). While the asset may present a potential rebound opportunity due to its oversold status, the prevailing bearish trend necessitates careful monitoring before considering any buying actions.