Ethena (ENA) Drops 6% as Fractal Pattern Hints at 90% Upside Following 2024-Style Breakout

A recent pullback in the broader cryptocurrency market has impacted altcoins, with Ethena (ENA) experiencing a 6% decline on the day as of July 30, 2025, trimming its 30-day gains to 109% [1]. This decline follows Ethereum’s (ETH) retreat from a multi-year resistance level near $3,940 to $3,775. However, technical analysis of ENA’s price action reveals a potential fractal pattern that could signal a bullish reversal, mirroring a 2024 breakout structure.

On the daily chart, ENA has formed a rounded V-shaped bottom and broken out of a downward wedge, retesting the 200-day moving average zone [1]. This pattern mirrors its 2024 breakout, which included a double-bottom reversal initiated by a falling wedge breakout and a bullish reclaim of the 200-day moving average. During that period, the token surged 89% within weeks after consolidating in a defined resistance zone. Current price action shows similar dynamics, with ENA consolidating just below the same horizontal resistance level observed in the prior breakout [1].

If ENA breaks decisively above the $0.70 resistance zone, it could validate the neckline of this fractal pattern, potentially propelling the token toward its former resistance near $1.33—a 90% upside from current levels [1]. However, a short-term correction before a confirmed breakout is also possible, aligning with the rhythm of the previous cycle. A retest above the 200-day moving average would not invalidate the setup but rather reinforce its alignment with historical price behavior [1].

Analysts caution that while the fractal pattern suggests optimism, the cryptocurrency market remains volatile. The Coinmarketcap article emphasizes that this analysis is for informational purposes only and does not constitute financial advice, urging investors to conduct independent research before making decisions [1].

Source: [1] Ethena (ENA) To Bounce Back From the Current Dip? This Emerging Fractal Setup Says Yes!,[https://coinmarketcap.com/community/articles/6889ad8888079a5c3275dae2/].