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$ENA stuck in consolidation phase, but I'm seeing a bit of a bearish tilt overall. I'm leaning cautious short here, with a bearish bias on the 1-hour timeframe.
Diving into the price action and key levels – it tried to push up to the 24-hour high at 0.2539 but couldn't crack that R1 resistance at 0.2504. Those recent K-lines are showing some bearish engulfing patterns and getting rejected near the upper Bollinger Band, which lines up perfectly with that resistance.
The S1 support at 0.2366 feels pretty important; if we break below that, it could slide down to S2 support at 0.2314 pretty quick.
Looking at the volume on the 1-hour chart, it's been dropping off – like the last candle only hit 35.4M compared to earlier peaks around 113M. That tells me buyers aren't really stepping up with much enthusiasm.
On the capital flow side, we've got steady outflows over the past 24 hours: about -5.9M USDT in contracts and -2.66M in spot. Even shorter-term, in the last hour, it's -1.1M in contracts and -248K in spot, which just adds to the selling vibe.
Wrapping up my thoughts: I'd consider entering short
$ENA around the current price (0.24-0.241) or waiting for a pullback to R1 resistance (0.25) and watching for a rejection candle to confirm.
For stop-loss, I'd set it about 3% above entry – say 0.247 if you're in at 0.24
Targets
$ENA Aim for Support level at (0.2314), or push to next support (0.2228) if things really roll.
if it breaks above Resistance (0.2504) with some serious volume, that could flip the whole bearish idea on its head. anyone seeing something different?
#ENA #ENAUSDT #ethena