ENA has fallen from a high position, and from a monthly perspective, it shows a very standard W bottom or M top. ENA is an algorithmic stablecoin on the Ethereum chain.

Ethereum is not doing well, and ENA has been surging for the past few months, but if it can't rise, it is really on the path to zero. Many people have staked ENA and are stuck with airdrops, and ENA is considered to have some substance among VC coins. This round of VC coins is dim, with about 2 billion coins unlocked from the private placement and project team since March of this year, and about 2% unlocked each month thereafter.

If it's a W bottom, it should rebound soon; if it doesn't, there really isn't much hope.