Ethena: Is THIS inverse pattern the key to ENA’s next rally?


  • ENA was up by 6.67% over the past day, at press time.
  • Ethena saw a strong shift in sentiments, setting for a potential breakout.

Over the past week, Ethena [ENA] has made a strong upswing on its price charts.

During this period, the altcoin surged from a local low of $0.25 to a high of $0.35 within the past day. At the time of writing, Ethena was trading at $0.3342, reflecting a 6.67% daily increase.

On a weekly scale, the altcoin has gained 8.04%. However, prior to this price pump, ENA experienced a 3.54% decline on the monthly charts.

Ena inverse and head

Source: X

The recent price pump has left analysts suggesting a potential upswing on Ethena’s price charts. According to Popular Crypto analyst, Ali Martinez, ENA is setting for the breakout of an inverse head and shoulder pattern.

A breakout from this pattern will see the altcoin make a move towards $0.39. Historically, ENA has made strong gains after breaking out of this pattern.

For instance, in December 2024, a breakout saw the altcoin move from $0.9 to $1.32.

Is Ethena set for more gains?

According to AMBCrypto’s analysis, Ethena is experiencing strong upward momentum as a bullish sentiment builds.

Looking at Ethena’s Spot Netflow, it suggests that buyers have returned to the market.

As such, altcoin Netflow has turned negative, hitting -693.2k. When Netflow turns negative, it suggests that buyers are active, with more outflows from exchanges.

Ethana spot netflowEthana spot netflow

Source: CoinGlass

AMBCrypto noted a strong buyer’s presence, with futures buy volume surging to 173.72 million tokens over the past day following an earlier dip.

This increase in buy volume indicates that investors are actively accumulating the altcoin, expecting further price gains.

Ena futures volumeEna futures volume

Source: Messari

The increase in buy volume indicates that investors are actively opening new positions. Consequently, Ethena’s Aggregated Open Interest has risen from $262 million to $278.2 million.

This combination of rising Open Interest and higher buy volume reflects strong market demand as bullish sentiment takes control.

Ethana aggregated open interestEthana aggregated open interest

Source: Coinalyze

Investors opening new positions are primarily opting for long positions, as indicated by a positive Funding Rate.

A positive Aggregated Funding Rate reflects the dominance of long positions in the market. This suggests that the majority of investors anticipate further price increases.

ENA funding rateENA funding rate

Source: Coinalyze

At the time of writing, Ethena was benefiting from strong bullish sentiment, with upward momentum building through consecutive gains over the past week.

If the market conditions remain favorable, ENA is poised to break out of the inverse head and shoulders pattern. Such a breakout could see the altcoin reclaim the $0.37 level, setting the stage for a further move toward $0.39.

However, if the upward trend falters, ENA may experience a pullback to $0.30.

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