<p>Ethena 在一位主要持有者將 1686 萬 ENA 存入 Coinbase Prime 後，持續承壓，預計損失約 1500 萬美元，成本基礎約為 1853 萬美元，下降幅度約為 81%。</p>
<p>此次轉移引入了顯著的賣方流動性，而 ENA 的價格在 0.14–0.15 美元附近交易，這是幾個月前最後一次出現的水平。</p>
<p>然而，存款後價格走勢並沒有急劇下滑。相反，蠟燭圖保持相對穩定，顯示出吸收而非無序拋售的信號。</p>
<p>這種反應表明市場參與者預期到了這一舉動。</p>
<p>儘管如此，已實現損失的規模反映出疲憊，而非信心。許多持有者仍然深陷虧損，這增加了在任何反彈時分發的可能性。</p>
<p>因此，Ethena [ENA] 繼續在一個脆弱的平衡中交易，退出與機會性積累相遇，保持了波動性壓制但風險升高。</p>
<h2><strong>Ethena 整合</strong></h2>
<p>ENA 繼續遵循一個明確的下降通道，自從從 0.30 美元區域突破以來，價格一直在下降。</p>
<p>最近的價格走勢顯示在通道的上邊界附近整合，但該結構仍然偏向賣方。</p>
<p>相對強弱指數（RSI）保持在 40 以下，強化了疲弱的動能而非反轉力量。</p>
<p>重要的是，該通道允許價格向 0.1315 美元支撐區進行更深的回調，這與之前的反應低點和通道對稱性相一致。這個水平代表了一個關鍵的結構檢查點。</p>
<p>如果能夠果斷突破接近 0.165 美元的阻力，將打破低高點的看跌序列。</p>
<p>然而，ENA 還沒有實現這一點。因此，市場仍然是反應性的。買方捍衞水平，但賣方仍然控制趨勢方向，直到結構果斷轉變。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/ENAUSDT_2025-12-23_09-35-23.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2114" height="1145" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/ENAUSDT_2025-12-23_09-35-23.png"/></p>
<p>來源：TradingView</p>
<h2><strong>ENA：吸收下行的情況</strong></h2>
<p>儘管價格持續疲軟，90 天現貨買入 CVD 仍然保持淨正值，突顯出在下跌期間買方的持續攻擊性。</p>
<p>這種背離很重要。ENA 從週期中期高點下跌超過 60%，但買入者仍在吸收賣壓。</p>
<p>這種行為表明是積累，而非恐慌性退出。然而，價格未能做出積極反應。</p>
<p>因此，需求似乎是防禦性的，而非控制性的。買方介入以減緩下跌，但並未強迫結構變化。</p>
<p>歷史上，這種背離削弱了看跌動能，但並不保證反轉時機。只要 CVD 保持正值，下行加速的力量就會減弱。</p>
<p>然而，如果沒有重新奪回阻力，僅靠積累無法翻轉趨勢。該信號支持穩定，而非確認。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Ethena-Spot-Taker-CVDCumulative-Volume-Delta-90-day-1-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2560" height="1440" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Ethena-Spot-Taker-CVDCumulative-Volume-Delta-90-day-1-1.png"/></p>
<p>來源：CryptoQuant</p>
<h2><strong>融資利率轉為正值</strong></h2>
<p>OI 加權融資利率最近從約 -0.01% 轉變為約 +0.005%，標誌着槓桿偏好的顯著變化。</p>
<p>這一轉變是在一次劇烈的多頭清洗後發生的，期間未平倉合約收縮至 5500 萬至 6000 萬美元的範圍。融資轉為正值，表明交易者現在需要支付以持有多頭，但信心仍然謹慎。</p>
<p>利率保持在較低水平，表明的是定位而非方向性押注。這種行為降低了在進一步下行時發生級聯清算的風險。</p>
<p>然而，融資尚未支持突破預期。相反，它發出平衡的信號。交易者預期穩定，但避免過度槓桿。</p>
<p>因此，槓桿不再驅動波動性。任何持續的趨勢變化都需要價格擴張與參與度上升，而不僅僅是融資的變化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-093846.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2212" height="514" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-093846.png"/></p>
<p>來源：CoinGlass</p>
<h2><strong>當前價格上方的空頭流動性積累</strong></h2>
<p>Binance ENA 清算圖顯示，當前價格附近（約 0.20 美元）上方存在明顯的空頭清算槓桿集中，最密集的集羣形成在 0.205 至 0.22 美元之間。</p>
<p>這些水平的累計空頭清算敞口超過 500 萬美元，主要由 25 倍和 50 倍槓桿頭寸主導。</p>
<p>相比之下，價格下方的多頭清算槓桿相對較薄，0.18 美元以下的集羣有限，向 0.13 美元的敞口也很小。</p>
<p>這種分佈表明，近期的定位更傾向於空頭持續押注，而非多頭槓桿的積累。</p>
<p>因此，價格向 0.205–0.22 美元區間的上行運動將會交叉顯著更多的強制清算，而不是相應的下行運動。</p>
<p>因此，該圖反映出一種不對稱的流動性特徵，而非方向性確認。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-094119.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1707" height="636" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-094119.png"/></p>
<p>來源：CoinGlass</p>
<p>總之，ENA 在結構上偏向於下行延續，價格可能會在任何有意義的反彈發展之前測試 0.1315 美元支撐區。</p>
<p>買方已經吸收了賣壓，但尚未重新奪回趨勢的控制權。除非在該水平之前有強勁的需求介入，否則下行風險仍然存在。</p>
<p>只有當 ENA 穩住 0.1315 美元並重新奪回通道阻力，同時參與度擴大時，持續的恢復才會變得可信。</p>
<hr/>
<h2><strong>最後的思考</strong></h2>
<ul>
<li><em>ENA 的結構在任何恢復嘗試之前偏向於下行測試 0.1315 美元。</em></li>
<li><em>反彈需要果斷的買方介入和重新奪回通道阻力。</em></li>
</ul>

COIN

<p>Ethena (ENA) 在一位主要持有者將 1686 萬 ENA 存入 Coinbase Prime 後面臨壓力，導致其實現了顯著的損失。價格仍然在 $0.14–$0.15 附近，可能會下跌至 $0.1315。儘管有一些買盤吸收，但賣方仍然主導着趨勢。市場顯示出疲弱的動能，持續的恢復需要維持在 $0.1315 之上並重新奪回通道阻力</p>

<p>Ethena remains under sustained pressure after a major holder deposited 16.86 million ENA into Coinbase Prime, realizing an estimated $15 million loss, roughly 81% below an $18.53 million cost basis.</p>
<div class="lb-trans"><p>Ethena 在一位主要持有者將 1686 萬 ENA 存入 Coinbase Prime 後，持續承壓，預計損失約 1500 萬美元，成本基礎約為 1853 萬美元，下降幅度約為 81%。</p>
</div><p>This transfer introduced meaningful sell-side liquidity, while ENA price traded near $0.14–$0.15, levels last seen several months ago.</p>
<div class="lb-trans"><p>此次轉移引入了顯著的賣方流動性，而 ENA 的價格在 0.14–0.15 美元附近交易，這是幾個月前最後一次出現的水平。</p>
</div><p>However, price action did not unravel sharply following the deposit. Instead, candles remained relatively controlled, signaling absorption rather than disorderly selling.</p>
<div class="lb-trans"><p>然而，存款後價格走勢並沒有急劇下滑。相反，蠟燭圖保持相對穩定，顯示出吸收而非無序拋售的信號。</p>
</div><p>That response suggests market participants anticipated the move.</p>
<div class="lb-trans"><p>這種反應表明市場參與者預期到了這一舉動。</p>
</div><p>Still, the scale of realized losses reflects exhaustion, not confidence. Many holders remain deeply underwater, which increases the likelihood of distribution on any relief rally.</p>
<div class="lb-trans"><p>儘管如此，已實現損失的規模反映出疲憊，而非信心。許多持有者仍然深陷虧損，這增加了在任何反彈時分發的可能性。</p>
</div><p>As a result, Ethena [ENA] continues to trade in a fragile equilibrium where exits meet opportunistic accumulation, keeping volatility suppressed but risk elevated.</p>
<div class="lb-trans"><p>因此，Ethena [ENA] 繼續在一個脆弱的平衡中交易，退出與機會性積累相遇，保持了波動性壓制但風險升高。</p>
</div><h2><strong>Ethena consolidates</strong></h2>
<div class="lb-trans"><h2><strong>Ethena 整合</strong></h2>
</div><p>ENA continues to respect a clearly defined descending channel that has guided price lower since the breakdown from the $0.30 region.</p>
<div class="lb-trans"><p>ENA 繼續遵循一個明確的下降通道，自從從 0.30 美元區域突破以來，價格一直在下降。</p>
</div><p>Recent price action shows consolidation near the channel’s upper boundary, yet the structure still favors sellers.</p>
<div class="lb-trans"><p>最近的價格走勢顯示在通道的上邊界附近整合，但該結構仍然偏向賣方。</p>
</div><p>RSI remains below 40, reinforcing weak momentum rather than reversal strength.</p>
<div class="lb-trans"><p>相對強弱指數（RSI）保持在 40 以下，強化了疲弱的動能而非反轉力量。</p>
</div><p>Importantly, the channel allows room for a deeper pullback toward the $0.1315 support zone, which aligns with prior reaction lows and channel symmetry. This level represents a key structural checkpoint.</p>
<div class="lb-trans"><p>重要的是，該通道允許價格向 0.1315 美元支撐區進行更深的回調，這與之前的反應低點和通道對稱性相一致。這個水平代表了一個關鍵的結構檢查點。</p>
</div><p>A decisive reclaim above resistance near $0.165 would disrupt the bearish sequence of lower highs.</p>
<div class="lb-trans"><p>如果能夠果斷突破接近 0.165 美元的阻力，將打破低高點的看跌序列。</p>
</div><p>However, ENA has not achieved that yet. Therefore, the market remains reactive. Buyers defend levels, but sellers still control trend direction until structure decisively shifts.</p>
<div class="lb-trans"><p>然而，ENA 還沒有實現這一點。因此，市場仍然是反應性的。買方捍衞水平，但賣方仍然控制趨勢方向，直到結構果斷轉變。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/ENAUSDT_2025-12-23_09-35-23.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/ENAUSDT_2025-12-23_09-35-23.png"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>來源：TradingView</p>
</div><h2><strong>ENA: What absorbing the downside?</strong></h2>
<div class="lb-trans"><h2><strong>ENA：吸收下行的情況</strong></h2>
</div><p>Despite ongoing price weakness, 90-day Spot Taker CVD remains net positive, highlighting sustained buyer aggression during declines.</p>
<div class="lb-trans"><p>儘管價格持續疲軟，90 天現貨買入 CVD 仍然保持淨正值，突顯出在下跌期間買方的持續攻擊性。</p>
</div><p>This divergence matters. ENA has fallen more than 60% from mid-cycle highs, yet taker buyers continue absorbing sell pressure.</p>
<div class="lb-trans"><p>這種背離很重要。ENA 從週期中期高點下跌超過 60%，但買入者仍在吸收賣壓。</p>
</div><p>That behavior suggests accumulation rather than panic-driven exits among spot participants. However, price has failed to respond constructively.</p>
<div class="lb-trans"><p>這種行為表明是積累，而非恐慌性退出。然而，價格未能做出積極反應。</p>
</div><p>Therefore, demand appears defensive rather than controlling. Buyers step in to slow declines, but they do not force structural change.</p>
<div class="lb-trans"><p>因此，需求似乎是防禦性的，而非控制性的。買方介入以減緩下跌，但並未強迫結構變化。</p>
</div><p>Historically, such divergences weaken bearish momentum without guaranteeing reversal timing. As long as CVD remains positive, downside acceleration loses strength.</p>
<div class="lb-trans"><p>歷史上，這種背離削弱了看跌動能，但並不保證反轉時機。只要 CVD 保持正值，下行加速的力量就會減弱。</p>
</div><p>Still, without a reclaim of resistance, accumulation alone cannot flip the trend. The signal supports stabilization, not confirmation.</p>
<div class="lb-trans"><p>然而，如果沒有重新奪回阻力，僅靠積累無法翻轉趨勢。該信號支持穩定，而非確認。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Ethena-Spot-Taker-CVDCumulative-Volume-Delta-90-day-1-1.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Ethena-Spot-Taker-CVDCumulative-Volume-Delta-90-day-1-1.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>來源：CryptoQuant</p>
</div><h2><strong>Funding Rates turn positive</strong></h2>
<div class="lb-trans"><h2><strong>融資利率轉為正值</strong></h2>
</div><p>The OI-Weighted Funding Rate recently shifted from approximately -0.01% to around +0.005%, marking a notable change in leverage bias.</p>
<div class="lb-trans"><p>OI 加權融資利率最近從約 -0.01% 轉變為約 +0.005%，標誌着槓桿偏好的顯著變化。</p>
</div><p>This transition followed a sharp long-side flush, where Open Interest contracted toward the $55–$60 million range. Funding turned positive, suggesting that traders now pay to hold longs, yet conviction remains cautious.</p>
<div class="lb-trans"><p>這一轉變是在一次劇烈的多頭清洗後發生的，期間未平倉合約收縮至 5500 萬至 6000 萬美元的範圍。融資轉為正值，表明交易者現在需要支付以持有多頭，但信心仍然謹慎。</p>
</div><p>Rates stay shallow, indicating positioning rather than directional bets. This behavior reduces the risk of cascading liquidations on further downside.</p>
<div class="lb-trans"><p>利率保持在較低水平，表明的是定位而非方向性押注。這種行為降低了在進一步下行時發生級聯清算的風險。</p>
</div><p>However, funding does not yet support breakout expectations. Instead, it signals balance. Traders anticipate stabilization but avoid excess leverage.</p>
<div class="lb-trans"><p>然而，融資尚未支持突破預期。相反，它發出平衡的信號。交易者預期穩定，但避免過度槓桿。</p>
</div><p>Therefore, leverage no longer drives volatility. Any sustained trend change will require price expansion alongside rising participation, not funding shifts alone.</p>
<div class="lb-trans"><p>因此，槓桿不再驅動波動性。任何持續的趨勢變化都需要價格擴張與參與度上升，而不僅僅是融資的變化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-093846.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-093846.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>來源：CoinGlass</p>
</div><h2><strong>Short-side liquidity builds above current price</strong></h2>
<div class="lb-trans"><h2><strong>當前價格上方的空頭流動性積累</strong></h2>
</div><p>The Binance ENA liquidation map shows a clear concentration of short liquidation leverage above the current price near $0.20, with the densest clusters forming between $0.205 and $0.22.</p>
<div class="lb-trans"><p>Binance ENA 清算圖顯示，當前價格附近（約 0.20 美元）上方存在明顯的空頭清算槓桿集中，最密集的集羣形成在 0.205 至 0.22 美元之間。</p>
</div><p>These levels contain cumulative short liquidation exposure exceeding $5 million, dominated by 25x and 50x leverage positions.</p>
<div class="lb-trans"><p>這些水平的累計空頭清算敞口超過 500 萬美元，主要由 25 倍和 50 倍槓桿頭寸主導。</p>
</div><p>In contrast, long liquidation leverage below price is comparatively thin, with limited clusters visible below $0.18 and minimal exposure extending toward $0.13.</p>
<div class="lb-trans"><p>相比之下，價格下方的多頭清算槓桿相對較薄，0.18 美元以下的集羣有限，向 0.13 美元的敞口也很小。</p>
</div><p>This distribution indicates that recent positioning has favored short continuation bets rather than long leverage buildup.</p>
<div class="lb-trans"><p>這種分佈表明，近期的定位更傾向於空頭持續押注，而非多頭槓桿的積累。</p>
</div><p>As a result, upward price movement into the $0.205–$0.22 range would intersect significantly more forced liquidations than a comparable downside move.</p>
<div class="lb-trans"><p>因此，價格向 0.205–0.22 美元區間的上行運動將會交叉顯著更多的強制清算，而不是相應的下行運動。</p>
</div><p>The map therefore reflects an asymmetric liquidity profile rather than directional confirmation.</p>
<div class="lb-trans"><p>因此，該圖反映出一種不對稱的流動性特徵，而非方向性確認。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-094119.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-094119.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>來源：CoinGlass</p>
</div><p>Conclusively, ENA remains structurally biased toward a downside continuation, with price likely to test the $0.1315 support zone before any meaningful rebound develops.</p>
<div class="lb-trans"><p>總之，ENA 在結構上偏向於下行延續，價格可能會在任何有意義的反彈發展之前測試 0.1315 美元支撐區。</p>
</div><p>Buyers have absorbed selling pressure, but have not reclaimed control of the trend. Unless aggressive demand steps in ahead of that level, downside risk persists.</p>
<div class="lb-trans"><p>買方已經吸收了賣壓，但尚未重新奪回趨勢的控制權。除非在該水平之前有強勁的需求介入，否則下行風險仍然存在。</p>
</div><p>A sustainable recovery only becomes credible if ENA holds $0.1315 and then reclaims channel resistance with expanding participation.</p>
<div class="lb-trans"><p>只有當 ENA 穩住 0.1315 美元並重新奪回通道阻力，同時參與度擴大時，持續的恢復才會變得可信。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最後的思考</strong></h2>
</div><ul>
<li><em>ENA’s structure favors a downside test of $0.1315 before any recovery attempt.</em></li>
<li><em>A rebound requires decisive buyer intervention and a reclaim of channel resistance.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>ENA 的結構在任何恢復嘗試之前偏向於下行測試 0.1315 美元。</em></li>
<li><em>反彈需要果斷的買方介入和重新奪回通道阻力。</em></li>
</ul>
</div>

Ethena [ENA] under pressure – Will sellers force one last drop to $0.1315?

- Ethena 當前面臨持續壓力，重大持有者將 16.86 萬 ENA 存入 Coinbase Prime。  
- ENA 價格徘徊在 $0.14–$0.15，反映出賣壓和買盤吸納。  
- 價格可能測試 $0.1315 支撐區，只在重新奪回阻力後才能實現可持續反彈。

Ethena [ENA] 正承受壓力——賣家是否會迫使其最後一次跌至$0.1315？