Ethena (ENA) is entering December with a technical setup that looks much better than what most traders realize. The broader market has been shaky, but the ENA price is quietly showing strength again after holding a key support zone for weeks.
On top of that, analyst Crypto Candy, who has been tracking the chart closely, says ENA has already completed a clean breakout on the daily timeframe. With the structure now shifting, December may be the moment ENA finally wakes up.
The daily chart shows the Ethena price breaking out of its falling wedge pattern. This is the same pattern that has been squeezing price lower since September, and it often signals the end of a downtrend.
ENA held its green support zone perfectly around $0.22–$0.23, refusing to make a new low even when the rest of the market was under pressure. That alone signals exhaustion on the sell side.
Now the ENA price is hovering around $0.29, sitting right at the wedge breakout line. If ENA manages to close above this level with strong volume, the entire structure flips bullish for the first time in months.
Crypto Candy pointed out that the breakout is already visible on the daily chart, which increases the odds of a short-term continuation move.
What you'll learn 👉
Here’s What The ENA Chart gests
The Ethena chart has three obvious zones above current price. The first sits around $0.36, which was a key support level earlier in the year and now becomes resistance.
The next major target is around $0.60, which lines up with a large previous consolidation zone. Beyond that, the final high-timeframe level sits near $0.87, where ENA topped out in mid-2024.
The breakout from the wedge suggests the ENA price is shifting into a recovery phase. Falling wedge patterns usually resolve with a push back toward the middle of the previous range. That would put $0.36 as the nearest meaningful target if momentum picks up in the first half of December.
Market Conditions May Help ENA This Month
December comes with several catalysts that can support altcoin momentum. The Federal Reserve is expected to confirm a rate cut, and liquidity is returning to risk assets now that quantitative tightening has ended. If the Bitcoin price stays steady around its range, capital usually rotates into mid-caps like ENA.
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Sentiment also improves quickly when charts show constructive signals after long downtrends. The ENA price has been oversold for a while, and recovering from this structure often attracts early buyers looking for asymmetric upside. If volume expands this week, the breakout could accelerate faster than most traders expect.
Ethena Price Short-Term Outlook
The key for ENA is to hold above $0.28–$0.29. As long as this breakout area stays intact, the move remains valid.
The next upside zone sits around $0.36, and reclaiming that opens the path toward $0.60. The Ethena price doesn’t need a huge market rally to reach these levels – it only needs Bitcoin to remain stable and the current structure to follow through.
Crypto Candy’s read on the chart is simple: ENA is showing strength while the rest of the market chops. That usually means a short-term move is lining up. With the breakout confirmed on the daily timeframe and December catalysts approaching, ENA could run harder than most people expect.
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