#ENA $ETH Opportunities and Risks Balance **Short-term** (1-3 months): Driven by technical factors and buyback, $1.0-$1.5 is the key target. **Long-term**: Ecological expansion and fee conversion mechanism activation may promote value reassessment, but caution is needed regarding the selling pressure from large-scale unlocking in 2026.
> **Major Risk Overview** > - **Unlocking Risk**: Over $1.1 billion tokens unlocking in the next 12 months > - **Revenue Volatility**: Dependence on derivatives market funding rates > - **Regulatory Uncertainty**: Global stablecoin policy tightening
Investors are advised to pay attention to: ① Weekly token unlocking data; ② Whether USDe circulation surpasses 6 billion (condition for fee conversion activation); ③ Whale address fluctuations. #ENA #ETH $ETH
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