Date: Sun, May 11, 2025 | 04:45 PM GMT
The cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC has crossed the $104K mark, while ETH has soared over 60% in the past 30 days and is now trading above $2,500 — its highest level in months. This bullish wave is also lifting altcoins, including Ethena (ENA), which is showing signs of a potentially explosive move.
ENA has gained over 27% this month alone, and a familiar pattern on the daily chart suggests more upside could be on the way.
Emerging Fractal Signaling an Upside Move
Looking at the daily timeframe, ENA previously staged an impressive 155% rally in late 2024 after breaking out of an Adam and Eve pattern — a well-known bullish reversal formation. This pattern, which starts with a sharp “V” shaped dip (Adam), followed by a rounded bottom (Eve), led to a breakout above the neckline around $0.44, pushing prices to around $0.80.
Now in May 2025, ENA appears to be forming a nearly identical setup. The current price action has just completed the Adam leg, bouncing sharply off the $0.2752 support level. It has already tested the neckline resistance at $0.44 — the same key level as before — and faced rejection, causing the price to cool down to around $0.39.
What’s Next for ENA?
If ENA continues to mirror the previous fractal, we could see the Eve portion of the pattern develop next — meaning a gradual pullback toward the $0.3172 level before rounding out and attempting a breakout again.
Should the breakout succeed at or above the neckline zone, the same 150% rally could repeat — potentially sending ENA to around $1.30 in the coming weeks, as shown by the projected path in the chart.
However, it’s important to note that any strong move above or failure to respect the neckline area could invalidate the pattern, and traders should be cautious of false breakouts or unexpected reversals.
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