- Arthur Hayes added 4.916M ENA to his portfolio, signaling optimism.
- Ethena crypto price surged 10% intraday and 25% in a week.
Ethena (ENA) price has surged over 10% intraday due to the accumulation by Bitmex co-founder Arthur Hayes. This development comes at a time when Hayes transferred all his Aethir (ATH) to Ethena.
This transfer happened due to restructuring, having incurred losses in ATH. Hayes has transacted Ethena crypto on the Binance exchange, with notable withdrawals observed in the last two days.
While the move placed Arthur Hayes more as a strategic investor, it displayed a focus on the synthetic dollar platform. His recent transactions in ENA fueled a price surge of over 20% in the last three sessions. That elevated its market cap to $2 Billion.
Ethena Gains Traction: Analysing its Sustained Growth
By the end of November, Hayes sold all his holdings in ATH. He had faced a loss of approximately $815,000. Nevertheless, he managed to regain the loss in the same period with the purchase of ENA. That brought him a profit of $1.14 Million as the altcoin rallied.
Data from Spot On Chain revealed that Hayes withdrew a total of 16.79 million ENA coins from Binance. He had purchased them at an average price of $0.66.
Over the past two weeks, the Ethena crypto witnessed a sustainable price surge, gaining over 50%. At press time, the ENA price traded at $0.7015. That noted an intraday surge of over 10.16%.
A recent tweet by @VipRose highlights that Ethena crypto has breached the downward trendline hurdle. Furthermore, the token could see a significant upsurge in the next sessions. In case of a sustained price surge, the short-term targets of $0.8571 and $1.0784 could be anticipated soon.
Ethena Crypto traded beyond the 61.8% zone per the Fibonacci levels and continued to form higher high swings. ENA’s metrics showed a significant liquidity surge.
With this, Hayes’ investment could capitalize on the token’s upward trajectory. Notably, the Total Value Locked (TVL) has surged to $4.09 Billion.
Ethena Price Prediction: Can the Momentum Be Sustained?
During the daily timeframe, Ethena crypto traded with a strong buying momentum. The token has noted a volume surge of over 35%, displaying significant investor interest.
The Relative Strength Index (RSI) line soared to the overbought zone at 66. That replicated heightened buying momentum.
Furthermore, the Average Directional Index (ADX) curve rose to 43, representing a sustained uptrend. At press time, more than 40% of in-the-money holders were making money, which reflects bullish cues.
However, the net network growth data revealed a 1.56% growth over the past 48 hours. That represented the sustained development in the ecosystem.
Data from Coinglass revealed that ENA Open Interest has shot up by 12.13% to $355.13 Million over the past 24 hours. This signified prolonged buildup activity.
The price surge could be further fueled by the $414,000 in long liquidations in front of the $335,000 in short liquidations. The immediate support zones were $0.7000 and $0.6800. At the same time, the upside hurdles were $0.7200 and $0.7380.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
