Ethena (ENA) Creates Bullish Pattern, Aims for 50% Price Increase

Ethena (ENA) is staging a comeback after sliding from its September highs.

Recent bullish momentum has traders eyeing a possible trend reversal, with the token now testing key levels.

If the rally holds, ENA could retest the $0.82 resistance and even aim for a new cycle high.

Let’s break down the charts to see if this momentum has legs.ENA’s Bullish Pattern

ENA’s Bullish Pattern

Ethena’s price has been climbing steadily since July, with only a brief pullback between August and September.

On Sept. 5, it broke through a key diagonal resistance, pushing to a new cycle high of $0.87 just days later.

However, the breakout was short-lived, leaving behind a long upper wick (red icon) as momentum faded.

Since then, ENA has tested the $0.82 zone twice, confirming it as a strong resistance level.

The pullback has been sharp, but the trend isn’t broken.

ENA bounced cleanly off its previous resistance trendline, turning it into support.

Over the past two weeks, the token has also formed a bullish double-bottom pattern, both of which are positive signals for a potential rebound.

In addition to creating a bullish pattern, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have created bullish divergences (orange).

These divergences often lead to bullish trend reversals, which are strengthened by the ENA price’s creation of a double bottom pattern.

If the pattern continues, ENA could revisit its previous highs at $0.82.

What’s Next for ENA?

Ethena’s wave count suggests the bottom is in and a significant rally awaits.

According to the count, Ethena completed a five-wave upward movement (green) and an A-B-C correction since June.

Then, it started another five-wave increase in October, which is still in its first stages.

If the rally develops as expected, the ENA price will hit a high of $1.17, reaching the same length as the previous upward movement.

However, after its lengthy decline, Ethena has yet to begin an impulsive rally, so the correction may deepen further before the reversal starts.

ENA Bottom is Close

Overall, Ethena’s double bottom structure and bullish divergences suggest that the worst decline is over.

If the pattern plays out, ENA could quickly rise to the $0.82 resistance zone and potentially aim for new cycle highs.

However, the price must confirm its impulsive rally before calling a full reversal.

The coming days will reveal whether this setup marks the start of ENA’s next major upward leg or just another pause in its correction.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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