Ethena (ENA) is currently trading at $0.251081, reflecting a significant decline of 7.84% over the last 24 hours. The price has fluctuated within a narrow daily range of approximately 0.0257%, with a high of $0.276839 and a low of $0.251142, indicating a bearish trend in the short term.

The trading volume stands at 284,754,777 ENA, contributing to a volume-to-market cap ratio of 14.73%. This relatively high volume suggests a robust interest in trading, but the price action indicates a lack of upward momentum, as shown by the 7-day price change of -16.09% and the 14-day decline of nearly 12%.

Technical indicators reveal that the short-term moving averages (SMA) are all trending downwards, with the 8 SMA at $0.2646 and the 55 SMA at $0.2720, indicating a consistent downward pressure. Additionally, the 1-hour RSI is at 21, which signals oversold conditions, while the 7-day RSI of 45 suggests weakening momentum but not yet in oversold territory.

Given the current price action and the ongoing downtrend reflected in both the price changes and moving averages, the outlook for ENA remains bearish. The recent performance is concerning, especially with the price trading significantly below its historical high of $1.52 reached on April 11, 2024.

Overall, the technical indicators, combined with the significant recent price drops, suggest that ENA may continue to face selling pressure. Therefore, the recommendation is to Hold, monitoring for signs of a reversal or stabilization before considering any buy positions, especially given the extreme volatility and current oversold conditions.