Date: Tue, June 03, 2025 | 06:16 AM GMT
The cryptocurrency market has rebounded from last week’s brief pullback, with Ethereum (ETH) leading the recovery after climbing over 4% today. ETH has reclaimed the $2,600 mark after dropping to a low of $2,471 on Sunday — a move that appears to be lifting the broader altcoin market along with it.
Among the notable gainers is Ethena (ENA), which has surged by more than 10% in the past 24 hours, and now the chart is beginning to reveal something promising—a well-known structure that could signal the next bullish move.
Power of 3 in Play?
Zooming in on the 4-hour chart, ENA appears to be developing a classic “Power of 3” pattern — a three-phase structure made up of: Accumulation, Manipulation, and Expansion.
Accumulation Phase
Between May 9 and May 30, ENA moved sideways within a tight range between $0.3475 and $0.4470. This consolidation formed a typical accumulation zone — an area where smart money builds positions while retail traders lose interest. The range is marked in gray on the chart, highlighting weeks of low-volatility trading.
Manipulation Phase
Then came the shakeout. On May 31, ENA sharply broke below the bottom of the range, plunging to a low of $0.2888. This sudden drop likely triggered stop-losses and panicked selling — textbook signs of the manipulation phase or what many traders refer to as a “liquidity grab.”
This move may have been engineered to flush out weak hands before the real upside begins.
What’s Next for ENA?
Now, all eyes are on whether ENA can reclaim the $0.3475 level — the lower bound of the previous range. A reclaim would indicate that the manipulation phase is complete and that the token is ready to enter the expansion phase.
If this pattern plays out fully, the upside target sits around $0.6052, which would represent an 81% gain from current price levels.
That said, the bullish setup would be invalidated if ENA fails to hold above the manipulation low of $0.2880, so traders should watch that level closely.
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