Ethena（ENA）经历了一年的挑战性开始后的价格上涨17％

尽管运动有一些积极的动作，但ENA仍在确保持续的突破方面面临重大障碍。

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.

在今年的挑战性开始之后，埃塞纳（Ena）（ENA）最近经历了17％的价格上涨。然而，这一上升是在2025年初开始的重大损失之后，并因过去48小时的大量令牌解锁事件而加剧。

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

尽管已经发现了一些积极的运动，但埃塞纳仍然面临着持续突破的重大障碍。

Ethena Encounters A Bearish Event

埃塞纳遇到一个看跌事件

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.

埃塞纳（Ethena）周围的市场情绪的特征是增加了销售活动，尤其是在3月5日令牌解锁之前的日子。在活动开始前的24小时内，售出了约1.49亿个ENA令牌，价值约6000万美元。

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.

由于交易者预计令牌解锁后，这种销售压力出现了，销售活动会激增。预计该事件将影响供需余额，并最终降低ENA的价格。

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.

令牌解锁事件通常与价格下降有关，因为新令牌的涌入倾向于稀释现有的价值。这种动态使许多投资者震惊了许多投资者，尤其是那些拥有大量ENA的投资者，导致交流余额急剧上升。许多人选择出售以减轻进一步的损失，而这又对价格施加了更大的下降压力。

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，埃塞纳（Ethena）的整体势头受到长期持有人（LTHS）行动的负面影响。平均硬币年龄（MCA）指标显示出显着下降，这表明LTHS甚至在更广泛的市场做出反应之前就开始清算其位置。

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.

作为任何加密货币的主要持有人，LTHS对于维持资产的价值至关重要。他们的销售行为通常是对资产的情绪较弱的迹象。因此，MCA的下降反映了这些长期持有人之间失去信心，进一步影响了ENA的价格。当LTH退出职位时，通常会表明市场对长期持有不感兴趣，这可以使价格长期保持下降趋势。

ENA Price May Face Some Challenges

ENA价格可能会面临一些挑战

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.

在撰写本文时，Ethena的价格为0.404美元，低于阻力水平0.434美元。尽管增长了17％，但此举不足以扭转更广泛的下降趋势。为了使ENA摆脱当前的市场状况，它需要违反0.434美元的障碍并果断地维持更高的水平。

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.

如果看跌的情绪持续并且上述因素恶化，则埃尼亚（Ehenea）可能会下降到0.326美元的支持水平。如果这种支持失败，则还存在进一步的下行风险，价格可能会低至0.259美元，从而证实了看跌前景。

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，如果投资者的情绪发生变化并且正在努力以较低的价格积累ENA，那么可能会发生突破。成功违反了0.434美元的成功，随后将其翻转为支撑，将ENA置于轨迹上的0.602美元。这种情况将使看跌论文无效，并为长期恢复提供了一条途径。