Ethena [ENA] has entered a critical stabilization phase after weeks of persistent selling pressure. At press time, ENA was trading near $0.07127, barely above the $0.06993 cycle low. This indicated that sellers were losing momentum, instead of accelerating further. However, buyers still seem to lack conviction to trigger a meaningful reversal. So far, every recovery attempt has stalled below the 23.6% Fibonacci level at $0.07663. Repeated rejections might be evidence that demand remains weak despite slowing bearish momentum.