ENA Price Drops Amidst Massive Collateral Outflows: A Look at the Short-Term Outlook

Ethena (ENA) faces a challenging market outlook, currently trading below key moving averages and indicating a bearish trend. Recent outflows of $5.7 billion from the protocol’s collateral pool are impacting TVL and price dynamics, fueling downward pressure on the asset. This comes amid a broader risk-off sentiment in the cryptocurrency market. Charts highlight a consistent downtrend for ENA since its peak in August, with lower highs and lows forming into late November.