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crypto.news 2025-06-10 17:05:23

Ethena price forms Double Bottom as accumulation zone holds firm

Ethena price forms Double Bottom as accumulation zone holds firm

Ethena is showing early signs of a bullish reversal as price action begins to mirror previous accumulation phases. A potential double bottom is forming at key support, and a breakout above the $0.50 resistance level could confirm the start of a new upward rotation toward higher time frame Fibonacci targets. The current market structure on Ethena ( ENA ) suggests the asset is trading in an accumulation phase, supported by both technical indicators and fractal similarities to prior price action. Price has returned to a historically significant zone, where a rounded bottom is forming. 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. You might also like: Pi Network price prediction: technicals hint at possible 160% breakout For now, the market remains in a wait-and-see phase. The absence of a confirmed breakout means range-bound trading is 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. Read more: Ethereum price prediction: analysts say $4,000 in reach as institutions diversify from Bitcoin

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