Ethena (ENA) is currently trading at $0.236262, experiencing a 24-hour decline of 3.89%. The daily range shows a low of $0.232332 and a high of $0.2467, indicating a limited trading range of 0.014368%, suggesting low volatility in the market.

Trading volume stands at 124,736,510, translating to a volume-to-market cap ratio of 6.87%, which indicates moderate liquidity. The short-term moving averages reflect a bearish trend, with the 8 SMA at $0.2349 showing a slight gain of 0.57%, while longer moving averages (21 SMA at $0.2395 and 55 SMA at $0.2447) indicate ongoing selling pressure with declines of 1.34% and 3.47% respectively.

The 1-hour RSI is positioned at 32, indicating that ENA is nearing oversold territory, while the 7-day RSI at 43 reflects further weakness in momentum. Over the past week, the price has decreased by approximately 11.84%, with a 14-day change of -3.98% and a more significant drop of 14.54% over the past 30 days, highlighting a consistent downtrend.

Considering the all-time high of $1.52 reached in April 2024, the current price represents a substantial retracement, suggesting potential for recovery if market conditions improve. However, the ongoing downward price action, coupled with bearish moving averages and RSI levels, signals a lack of immediate bullish momentum.

Given the current technical indicators and market sentiment, a Hold rating is appropriate at this time. This recommendation is based on the potential for a short-term rebound if oversold conditions improve, but with caution due to the prevailing bearish trend and significant historical retracement from the all-time high.