I know everyone is paying attention to $ENA , current observations (as of 5:00 AM May 17, UTC+8):

$ENA 5 May 16 Market Analysis | The rebound is not to save you, but to invite you back for another cut

In the past few days, many people have seen ENA rise, with structures showing HL and CHoCH, and even prepared to chase the high.

But I want to remind you:

This wave of increase is not a bull market; it is a "rebound in the script"—not to save you, but to invite you back for another cut.

1. Structural Rhythm: Rebound ≠ Reversal
3-hour chart: still in a high-level box range, with structural focus downward, no HH;

45-minute chart: each rise is stuck in the same suppression zone, no volume expansion, no breakthrough;

15-minute chart: although there is CHoCH, the latest LH has formed, indicating that this wave of rebound is nearing its end.

There is no cycle in the structure that has truly completed a reversal; it is merely a process from extremely weak to slightly weak, and has not entered the "strong" phase.

2. On-chain Data: Too many bulls, which is actually dangerous
The long-short ratio is extremely high (large traders' long-short ratio above 2.8), indicating that market sentiment is overly bullish;

Trading volume is declining, and the main force has not increased positions;

CVD is declining, and buying support is weak.

In simple terms: everyone is bullish, but the money hasn't followed, and the main force hasn't exerted itself.

So why is this wave rising?👇

3. The Main Force's Purpose: Invite you back, then take one more cut
The main force raises the price not to let everyone make money, but to:

Wash out the previous shorts;

Trick the watching bulls back;

Then open shorts at a high position for a round of harvesting.

So I say:

The rebound is not to save you, but to invite you back for another cut.

Scripts
Script A (Failed Bull Trap) Break below 0.3740 Short Target: 0.3610 → 0.3495
Script B (Reversal Test Phase) Break above 0.3980 + retest to hold Look at above 0.4360.

But Script B has not yet been established, so don't rush to get on board. Once it goes up, I will follow up on possible risks.