Ethena（ENA）經歷了一年的挑戰性開始後的價格上漲17％

儘管運動有一些積極的動作，但ENA仍在確保持續的突破方面面臨重大障礙。

Ethena (ENA) has recently experienced a price uptick of 17%, following a challenging start to the year. However, this rise comes after significant losses that began early in 2025 and were exacerbated by a massive token unlock event in the last 48 hours.

在今年的挑戰性開始之後，埃塞納（Ena）（ENA）最近經歷了17％的價格上漲。然而，這一上升是在2025年初開始的重大損失之後，並因過去48小時的大量令牌解鎖事件而加劇。

While some positive movement has been detected, Ethena still faces major hurdles in securing a sustained breakout.

儘管已經發現了一些積極的運動，但埃塞納仍然面臨著持續突破的重大障礙。

Ethena Encounters A Bearish Event

埃塞納遇到一個看跌事件

The market sentiment surrounding Ethena has been characterized by increased selling activity, especially in the days leading up to the March 5 token unlock. Within a 24-hour timeframe before the event, approximately 149 million ENA tokens, valued at around $60 million, were sold.

埃塞納（Ethena）周圍的市場情緒的特徵是增加了銷售活動，尤其是在3月5日令牌解鎖之前的日子。在活動開始前的24小時內，售出了約1.49億個ENA令牌，價值約6000萬美元。

This selling pressure emerged as traders anticipated a surge in selling activity following the token unlock, which involved $833 million worth of tokens being unlocked. This event was expected to affect the supply-demand balance and ultimately drive down the price of ENA.

由於交易者預計令牌解鎖後，這種銷售壓力出現了，銷售活動會激增。預計該事件將影響供需餘額，並最終降低ENA的價格。

Token unlock events are often associated with price declines, as the influx of new tokens tends to dilute the value of existing ones. This dynamic has spooked many investors, particularly those who held large amounts of ENA, leading to a sharp rise in balances on exchanges. Many chose to sell in an effort to mitigate further losses, which in turn applied more downward pressure on the price.

令牌解鎖事件通常與價格下降有關，因為新令牌的湧入傾向於稀釋現有的價值。這種動態使許多投資者震驚了許多投資者，尤其是那些擁有大量ENA的投資者，導致交流餘額急劇上升。許多人選擇出售以減輕進一步的損失，而這又對價格施加了更大的下降壓力。

Moreover, Ethena’s overall momentum has been negatively affected by the actions of long-term holders (LTHs). The Mean Coin Age (MCA) indicator has shown a significant decline, which signals that LTHs began liquidating their positions even before the broader market reacted.

此外，埃塞納（Ethena）的整體勢頭受到長期持有人（LTHS）行動的負面影響。平均硬幣年齡（MCA）指標顯示出顯著下降，這表明LTHS甚至在更廣泛的市場做出反應之前就開始清算其位置。

As the primary holders of any cryptocurrency, LTHs are crucial for sustaining an asset’s value. Their selling behavior is usually a sign of weak sentiment toward the asset. Thus, the decrease in the MCA reflects the loss of confidence among these long-term holders, further affecting ENA’s price. When LTHs exit their positions, it usually signals that the market is not interested in holding for the long term, which can keep the price in a downtrend for an extended period.

作為任何加密貨幣的主要持有人，LTHS對於維持資產的價值至關重要。他們的銷售行為通常是對資產的情緒較弱的跡象。因此，MCA的下降反映了這些長期持有人之間失去信心，進一步影響了ENA的價格。當LTH退出職位時，通常會表明市場對長期持有不感興趣，這可以使價格長期保持下降趨勢。

ENA Price May Face Some Challenges

ENA價格可能會面臨一些挑戰

At the time of writing, Ethena’s price is trading at $0.404, just below the resistance level of $0.434. Despite a 17% rise, this move is not enough to reverse the broader downtrend. For ENA to break free of the current market conditions, it needs to breach the $0.434 barrier and sustain higher levels decisively.

在撰寫本文時，Ethena的價格為0.404美元，低於阻力水平0.434美元。儘管增長了17％，但此舉不足以扭轉更廣泛的下降趨勢。為了使ENA擺脫當前的市場狀況，它需要違反0.434美元的障礙並果斷地維持更高的水平。

If the bearish sentiment continues and the aforementioned factors worsen, Ehenea could see a decline toward the $0.326 support level. Should this support fail, further downside risk remains, with the price potentially slipping as low as $0.259, confirming the bearish outlook.

如果看跌的情緒持續並且上述因素惡化，則埃尼亞（Ehenea）可能會下降到0.326美元的支持水平。如果這種支持失敗，則還存在進一步的下行風險，價格可能會低至0.259美元，從而證實了看跌前景。

However, if investor sentiment shifts and there is an effort to accumulate ENA at these lower prices, a breakout could be in the works. A successful breach of $0.434, followed by a flip into support, would set ENA on a trajectory toward $0.602. This scenario would invalidate the bearish thesis and provide a path for long-term recovery.

但是，如果投資者的情緒發生變化並且正在努力以較低的價格積累ENA，那麼可能會發生突破。成功違反了0.434美元的成功，隨後將其翻轉為支撐，將ENA置於軌跡上的0.602美元。這種情況將使看跌論文無效，並為長期恢復提供了一條途徑。