Hey team, glancing over
$ENA —it's in a bit of a holding pattern, though with a noticeable bearish edge to it.
Volume's painting a clear picture: latest candles are loaded on the way down, like that massive 69.2M, but rebounds? Barely any action there. Definitely points to sellers calling the shots.
Flows look rough too. Spot's all over but net negative—down about 139k USDT in the last 24h and over 422k across 3 days, so not much buyer enthusiasm. Contracts are dumping hard, -8M in 24h and -33M over 3D, which screams bearish bets. Any short-term upticks (like +1.62M in 2H) seem like fleeting stuff, no real legs.
I'm leaning toward a careful short
$ENA , but hey, manage that risk closely.
Entry wise: Prime short zone is up at resistance, around 0.2050-0.2055 (Resistance lining up with MA10). Or wait for a clean drop under 0.2008 (Support) if volume kicks in—that'd signal more pain below.
For stops: Place it roughly 3% higher than your entry, say 0.2115 if you're in at 0.2055. With ATR at 0.0023, volatility's no joke, so keep it snug.
Targets
$ENA : Shoot for 0.1985 first (support, about 3.4% gain), and if it snowballs, 0.1962 (next support) could give around 4.5%.
Watch those key supports like 0.2008 for breaks. You seeing the same?
#ENA #ENAUSDT #ethena