Ethena 的疯狂之旅：价格预测、闪电崩盘和复苏之路

Ethena (ENA) 的价格波动剧烈。我们分析最近的闪崩、机构买盘以及未来潜在的价格走势。

Ethena's Wild Ride: Price Prediction, Flash Crash, and the Road to Recovery

Ethena 的疯狂之旅：价格预测、闪电崩盘和复苏之路

Ethena (ENA) has been making waves with its price volatility and recovery. Let's dive into what caused the recent flash crash, how institutional buying fueled a rebound, and what the future might hold for ENA.

Ethena (ENA) 因其价格波动和复苏而掀起波澜。让我们深入探讨导致最近闪崩的原因、机构购买如何推动反弹以及 ENA 的未来。

ENA's Flash Crash and Swift Recovery

ENA 的闪存崩溃和快速恢复

Earlier this month, Ethena experienced a significant flash crash, plummeting to $0.14 on October 10, 2025. This triggered liquidations across major exchanges, creating panic among traders. However, the dip didn't last long. Institutional investors quickly stepped in, buying up ENA and driving its price nearly 200% higher from its lows.

本月早些时候，Ethena 经历了一次严重的闪电崩盘，于 2025 年 10 月 10 日暴跌至 0.14 美元。这引发了各大交易所的清算，在交易者中造成了恐慌。然而，下跌并没有持续太久。机构投资者迅速介入，买入 ENA 并将其价格从低点推高近 200%。

Analysts note that this rapid rebound demonstrates strong underlying demand for ENA, even amidst volatility. As long as ENA holds above key support levels, there's potential for further upside. Currently, ENA trades around $0.46, showing a 2.65% gain after testing a short-term trendline support near $0.40.

分析师指出，这种快速反弹表明即使在波动的情况下，对 ENA 的潜在需求仍然强劲。只要 ENA 保持在关键支撑位之上，就有进一步上涨的潜力。目前，ENA 交易价格约为 0.46 美元，在测试 0.40 美元附近的短期趋势线支撑后，涨幅为 2.65%。

Technical Levels and Price Targets

技术水平和价格目标

Traders are closely watching ENA's Fibonacci support and demand zones. Entry bids are recommended around $0.458, with stop-loss orders placed slightly below recent lows to manage risk. The immediate price target lies between $0.50 and $0.52, aiming to fill a fair value gap.

交易者正在密切关注 ENA 的斐波那契支撑区和需求区。建议买入价在 0.458 美元左右，止损单设置略低于近期低点以管理风险。近期目标价格介于 0.50 美元至 0.52 美元之间，旨在填补公允价值缺口。

According to analysts, a break above the $0.65 horizontal resistance could pave the way for a rally towards $1.30 and potentially $1.51 if momentum continues. However, failure to breach this resistance might lead to consolidation or a retest of support near $0.20.

分析师表示，突破 0.65 美元的水平阻力位可能会为反弹至 1.30 美元铺平道路，如果势头持续下去，可能会上涨至 1.51 美元。然而，未能突破该阻力位可能会导致盘整或重新测试 0.20 美元附近的支撑位。

Institutional Buying and Ecosystem Growth

机构购买和生态系统增长

Institutional accumulation has been a major driver of ENA's recent performance. Rising network fees, steady funding rates, and a robust total value locked (TVL) underscore the growing strength of the Ethena ecosystem. Even with a 25% decline in TVL from its all-time high, ENA retains significant market trust, outperforming many altcoins.

机构积累一直是ENA近期表现的主要推动力。不断上涨的网络费用、稳定的资金费率以及强劲的总锁定价值（TVL）凸显了 Ethena 生态系统不断增强的实力。尽管 TVL 较历史高点下降了 25%，ENA 仍然保持着巨大的市场信任，表现优于许多山寨币。

Ethena's cumulative fee revenue recently hit $578 million, reflecting increasing activity on the protocol. This growth is partly attributed to the adoption of Ethena's stablecoin, USDe, which has seen rising user engagement.

Ethena 的累计费用收入最近达到 5.78 亿美元，反映出该协议的活动不断增加。这一增长部分归功于 Ethena 稳定币 USDe 的采用，该币的用户参与度不断上升。

Ethereal DEX and ENA's Token Economy

Ethereal DEX和ENA的通证经济

The Ethena community approved Ethereal, a spot and perpetual futures DEX, which recently launched its mainnet alpha. Ethereal aims to be the

Ethena 社区批准了 Ethereal，一种现货和永续期货 DEX，最近推出了其主网 alpha。 Ethereal 的目标是成为