Ethena (ENA) is currently trading at $0.175464, reflecting a slight decline of 1.86% over the past 24 hours. The daily price has fluctuated between a high of $0.180334 and a low of $0.173005, indicating a tight daily range of $0.007329.

The volume of 101,290,794 ENA suggests a moderate level of trading activity, with a volume-to-market cap ratio of 7.26%. This volume indicates that while there is some interest in trading ENA, it is not excessively high, which could suggest caution among investors.

Technical indicators reveal that the short-term moving averages are trending lower, with the 8 SMA at $0.1764, down 0.54%. The 14-day moving average is at $0.1887, which is significantly higher and shows a decline of 7.02%, reflecting a bearish trend over the medium term.

The 1-hour Relative Strength Index (RSI) is currently at 46, suggesting that ENA is nearing neutral territory but is not yet oversold. In contrast, the 7-day RSI at 39 indicates that ENA is in the oversold region, which may present a buying opportunity if bullish momentum returns.

Over the past week, ENA has decreased by 20.16%, and the 14-day and 30-day price changes of -23.35% and -13.58%, respectively, highlight a sustained bearish trend. This consistent downward movement is concerning, especially as the price remains significantly below its all-time high of $1.52 set in April 2024.

Considering the technical indicators and recent price trends, a cautious approach is recommended. The current price action suggests potential for further downside in the short term, especially given the bearish moving averages and declining RSI.

Based on this analysis, I rate ENA as a Sell. The combination of declining price momentum, bearish moving averages, and low trading interest indicates that investors should wait for a clearer bullish signal before re-entering the market.