Date: Mon, June 02, 2025 | 04:59 PM GMT
The cryptocurrency market experienced a sharp pullback recently, dragging most major tokens into the red. Bitcoin (BTC) briefly dropped to around $104,000, while Ethereum (ETH) slipped to $2,550—both retracing from recent highs. This mini correction also impacted several altcoins, including Ethereum Name Service (ENS).
ENS posted a weekly decline of over 4%, cutting into its monthly gains which now sit at 13%. Yet, despite this pullback, the chart is beginning to reveal something promising—a well-known structure that could signal the next bullish move.
Source: Coinmarketcap
Power of 3 in Play?
Looking closely at the 4-hour chart, ENS appears to be forming a “Power of 3” setup — a price pattern with three distinct phases: Accumulation, Manipulation, and Expansion.
Accumulation Phase
From around May 8 to May 30, ENS traded sideways in a tight range between $25.20 and $21.30, creating what looks like a classic accumulation zone. This range is highlighted in gray on the chart.
ENS 4H Chart/Coinsprobe (Source: Tradingview)
Manipulation Phase
On May 31, ENS suddenly dropped below the range, hitting a low of $19.80. This move likely triggered a wave of stop-losses and emotional selling—textbook signs of the manipulation phase.
This false breakdown, or “liquidity grab,” may have been designed to shake out weak holders before a potential reversal.
What’s Next for ENS?
If ENS can reclaim $21.30, it would signal strength and could confirm a move into the expansion phase of the Power of 3. A solid breakout above $25.20 would likely draw fresh momentum buyers, setting the stage for a stronger rally.
The potential upside target based on this pattern sits around $30.60, representing a 45% gain from current levels.
The MACD indicator at the bottom of the chart shows a narrowing gap between the MACD line and the signal line, with the histogram flipping into positive territory. This suggests early signs of bullish momentum building, supporting the possibility of an upward breakout.
Disclaimer: This article is for informational purposes only and not financial advice. Always do your own research before making any investment decisions in the crypto market.
