Ethena (ENA) is currently trading at $0.12016, reflecting a 24-hour decline of 2.72%. The asset's daily range has been limited, with a high of $0.123838 and a low of $0.118821, indicating reduced volatility and a tightening market.

Volume stands at 63,608,445, contributing to a volume-to-market cap ratio of 6.44%. This suggests moderate trading activity but lacks the momentum typically seen in stronger upward price movements, as evidenced by the downward daily change.

The hourly moving averages present a mixed picture, with the 8 SMA at $0.1209 down by 0.64% and the 21 SMA slightly higher at $0.1210, down 0.71%. The consistent negative movements across short-term moving averages indicate bearish pressure in the immediate trading environment.

The 1-hour RSI is at 50, suggesting a neutral position, while the 7-day RSI at 53 indicates slight bullish momentum over a longer timeframe. However, the 14-day price change of -13.74% and the 30-day change of -37.76% highlight a significant bearish trend, which could undermine short-term recovery attempts.

Ethena's all-time high of $1.52 reached in April 2024 remains substantially above the current price, suggesting a strong potential for recovery, but market sentiment must shift positively for this to materialize. The current fundamental and technical indicators do not support a bullish outlook, given the recent price declines and lack of upward momentum.

Based on the current technical indicators and market sentiment, the recommendation for Ethena (ENA) is a Sell. The significant negative price trends over the last month and weak short-term indicators suggest further declines could be expected.