Ethena Price Prediction: Arthur Hayes’ $16.79M ENA Bet Drives ENA Price to Soar 20%
ENA surged 22.50% in the last 24 hours to $0.7502 with a market cap of $2.13 billion. Arthur Hayes, co-founder of BitMEX, has been aggressively accumulating.
ENA and has bought 16.79 million ENA in the last 2 days at an average price of $0.66 per token. That’s an unrealized profit of $1.14 million.
According to Spot On Chain, Hayes withdrew 10.36 million ENA, worth $7.49 million, from Binance during this period. He had previously liquidated all his ATH (Aethir) and lost $815,000. He’s recouped his losses in 2 days by switching to ENA.
Ethena’s Bullish Momentum and Market Metrics
The momentum for ENA extends beyond Hayes’ purchases. Key market indicators reflect growing institutional and retail interest:
Open Interest: ENA’s open interest rose 23% to $374 million.
Liquidations: Total liquidations reached $1.29 million, with $956,000 in short liquidations, signaling bearish exhaustion.
Total Value Locked (TVL): TVL on the Ethena blockchain surged to $4.09 billion, driven by increased demand for its synthetic dollar USDe, collateralized by Bitcoin and Ethereum.
The Ethena ecosystem is gaining traction through its unique offerings. USDe, its synthetic dollar, has a native yield. Deribit, a leading derivatives platform, recently added USDe as a crypto margin collateral. Ethena Labs also hit $4 billion in USDe supply and 25% APY for users.
Technical Outlook: Ethena Targets $1.0572
Ethena’s bullish trajectory is supported by a robust ascending channel on the daily chart. ENA is currently trading at $0.7210, up 12.93%, with a trading volume of $607.6 million in the last 24 hours. Key technical levels include:
Immediate Resistance: $0.8147
Next Resistances: $0.9370, $1.0572
Immediate Support: $0.6816
Next Supports: $0.5953, $0.4990
The RSI at 67 indicates strong bullish momentum but suggests caution as it approaches overbought territory. The 50-day EMA at $0.4990 provides a strong base for continued gains. A breakout above $0.8147 could propel ENA toward $0.9370, while a drop below $0.6816 could signal a retracement to $0.5953.
Key Takeaways
Hayes’ Accumulation: Arthur Hayes purchased 16.79M ENA tokens, earning $1.14M in unrealized profits.
Bullish Momentum: ENA trades at $0.7210 with resistance at $0.8147 and $0.9370.
Ecosystem Growth: Ethena’s USDe drives TVL to $4.09B, offering a 25% APY.
Ethena’s rapid growth and Hayes’ significant bet spotlight ENA as a top contender in the cryptocurrency market. Investors should watch key technical levels for further opportunities.
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