Ethena [Ena]在为期1天的时间范围内看涨了市场结构。

这次转变发生在5月10日，当时以前的高处在图表上违反了0.35美元。

Ethena [ENA] made a bullish market structure break on the 1-day timeframe. This shift occurred on 10 May, when the previous lower high at $0.35 was breached on the charts.

Ethena [Ena]在为期1天的时间范围内看涨了市场结构。这次转变发生在5月10日，当时以前的高处在图表上违反了0.35美元。

Source : ENA/USDT on TradingView

资料来源：ENA/USDT在TradingView上

Interestingly, this market structure break came alongside a breakout past the descending channel (white). Over the past week, ENA has retested the channel highs as support and strove to climb higher.

有趣的是，这种市场结构的突破与降临频道（白色）的突破伴随着。在过去的一周中，ENA已重新测试了频道的高点，并努力攀升更高。

With Bitcoin [BTC] nearing new all-time highs, bullish sentiment across the crypto market has been nearing euphoria. This could overflow into the altcoin markets and take prices higher.

随着比特币[BTC]的新历史最高点，加密货币市场的看涨情绪已经接近欣快。这可能会溢出山寨币市场，并使价格更高。

Technical analysis of ENA revealed a hike in trading volume over the past ten days. The OBV also broke above the highs made in March and April. Meanwhile, on the same 1-day timeframe, the RSI did not form a bearish divergence. The indicator reflected bullish impetus and buying pressure and pointed to further gains for Ethena.

ENA的技术分析显示，在过去的十天中，交易量增加了。显而易见的是，在三月和四月的高点上也打破了高点。同时，在相同的为期1天的时间范围内，RSI并未形成看跌的分歧。该指标反映了看涨的动力和购买压力，并指出了埃塞纳的进一步增长。

On-chain metrics warn of an overvalued ENA

链上指标警告一个高估的ENA

Source : Santiment

资料来源：santiment

The daily active addresses for Ethena were at commendable levels over the past three weeks. Its peak activity on 9 May was the largest single-day count since 6 February.

在过去的三周中，乙烯的每日活跃地址在值得称赞的水平上。 5月9日的高峰活动是2月6日以来最大的单日数。

And yet, the demand for the Ethena token was not widespread. The mean coin age metric has been on a steady downtrend since mid-February, with occasional rallies. Such a bounce in the mean coin age was seen in May.

然而，对乙烯令牌的需求并不普遍。自2月中旬以来，平均硬币年龄指标一直处于稳定的下降趋势。在五月份看到这种平均硬币年龄的反弹。

Generally, a rising MCA alludes to network-wide accumulation. However, its low values compared to December and January suggested that Ethena might be nearing the tail end of a distribution phase. Despite the breakout past the channel, ENA did not quite have a strongly bullish outlook on the higher timeframes at press time. Especially after retracing all the gains made in November and December.

通常，上升的MCA暗示了整个网络的积累。但是，与12月和1月相比，其低值表明乙烯可能接近分配阶段的尾端。尽管频道超过了频道，但ENA在发稿时的较高时间范围并没有完全看好前景。特别是在回顾了11月和12月所取得的所有收益之后。

Finally, the MVRV ratio agreed with this finding, showing that the 180-day holders were at a mild loss of 14.5%. Combined with the slumped MCA, ENA did not appear to offer a long-term buying opportunity.

最后，MVRV比率与这一发现一致，表明180天的持有人轻度损失14.5％。结合衰退的MCA，ENA似乎没有提供长期购买机会。

Moreover, the elevated NVT values at certain times during the past few months showed volatile transaction volumes. This could be a sign of an overvalued asset, as the on-chain transfer volume did not match the market cap growth.

此外，在过去几个月中的某些时间的NVT值升高显示挥发性交易量。这可能是资产高估的迹象，因为链转移量与市值增长不符。