- Ethena (ENA) has dropped over 74% from its January peak of $1.30 to current price of $0.31, but technical analysis suggests it may be entering a final accumulation zone before a potential reversal.
- ENA's current chart pattern mirrors PENDLE's previous price action, which experienced a similar 75% correction before forming a double bottom and rallying over 70%.
- ENA has formed a clear double bottom pattern on the weekly chart with strong support in the $0.20-$0.38 accumulation zone, while MACD indicators show early bullish momentum building.
- If the fractal pattern continues to play out similar to PENDLE, ENA could potentially revisit the $1.30-$1.50 zone, representing significant upside from current levels.
Date: Sat, April 05, 2025 | 05:28 PM GMT
The cryptocurrency market has been under pressure throughout the first quarter of 2025, with Ethereum (ETH) logging its worst Q1 performance since 2018—down 45%. This steep decline has spilled over into the altcoin market, dragging many tokens into deep corrections.
Among major altcoins, Ethena (ENA) has also suffered, dropping over 74% from its January peak of $1.30 to current price of $0.31. However, its current price structure is starting to flash early signs of a trend reversal, suggesting that ENA might be in its final accumulation zone before the next leg up.
Ethena (ENA) – Mirroring PENDLE’s Path?
Interestingly, the current setup on Ethena’s (ENA) chart bears a striking resemblance to PENDLE, which went through a similar 75% correction before bottoming out and reversing.
Much like PENDLE’s previous price action, ENA has now formed a clear double bottom pattern on the weekly chart—a classic signal of a potential bullish reversal. The two rounded lows are well-defined, with the second bottom aligning within the $0.20–$0.38 accumulation zone, which has emerged as a strong support area.
For some perspective, PENDLE also experienced a deep drop, losing nearly 75% of its value from the peak before consolidating in a similar curved structure. Once it bounced from the second low, PENDLE rallied more than 70%, wit a potential double bottom setup and marking the start of a trend reversal.
In ENA’s case, the MACD is beginning to tilt bullish, with a potential crossover forming that could validate the early stages of momentum building. At the same time, ENA is currently testing the second bottom around the $0.31 level.
A strong bounce from here—especially one backed by volume—could act as a launchpad for the next leg higher, just as it did for PENDLE.
If this fractal continues to play out, ENA could potentially revisit the $1.30–$1.50 zone, unlocking a major upside opportunity from current levels.
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