Ethena Shows Early Signs of Bullish Reversal
Ethena (ENA) is hinting at a potential bullish turnaround. The price action resembles past accumulation phases, suggesting a new upward trend might be on the horizon.A double bottom pattern is emerging at crucial support levels.Breaking above $0.50 could signal the start of a meaningful uptrend,aiming for higher Fibonacci targets.
The market structure of Ethena indicates an accumulation phase. Both technical indicators and ancient price patterns support this view. The asset is revisiting a historically significant zone, forming a rounded bottom. This area previously acted as the base for a major bullish expansion and may now be setting the stage for a similar move.Key technical points Double Bottom Formation in Progress: Price action is forming a clear double bottom pattern,often a precursor to trend reversals. $0.50 Resistance Is Key: A break above this high-timeframe level could confirm bullish intent and open the path toward higher resistance.Accumulation Range Intact: Ethena continues to trade in a sideways structure between key support and resistance levels. ENAUSDT (4H) Chart, Source: TradingVIew From a technical and structural standpoint, Ethena is working through a prolonged consolidation period. price is trading within a clearly defined accumulation range, positioned between strong support and resistance zones. The current setup mirrors a previous bottoming pattern where price coiled before a decisive breakout.A double bottom pattern is developing, characterized by two rounded lows and a neckline around the $0.50 region. This level represents the final barrier before confirming the reversal structure. If price breaks above $0.50 with strong volume and follow-through,it would validate the bullish thesis and could drive a move toward the 0.618 Fibonacci retracement from the broader downtrend. for now, the market remains in a wait-and-see phase. The absence of a confirmed breakout means range-bound trading is highly likely to continue until bulls gain enough momentum to challenge resistance. Despite the consolidation, the structure remains constructive, with no signs of breakdown and multiple technical signals pointing to continued accumulation. What to expect in the coming price action if Ethena breaks and holds above the $0.50 resistance level, it would confirm the double bottom and likely spark a rally toward the next major target near the 0.618 fibonacci level. Until then,continued accumulation and sideways movement are expected as the market builds toward its next significant move. rnrn
