- Arthur Hayes deposited the other 2M $ENA ($2.12M) to Bybit.
- ENA price remained in green despite Hayes selling.
Despite the significant selloff by Arthur Hayes, Ethena crypto is trading positively and remained above the $1 mark.
Hayes transferred 2 million ENA equivalent to about $2.12 Million to the Bybit exchange over the last few hours.
This is also in line with the movement seen in the past two days where Hayes unstaked and transferred 9 million ENA to Binance and Bybit exchanges. The average price of Ethena crypto was $1.173.
Despite the transfer, ENA price rose over 1.20% intraday, trading at $1.04. Its market cap rose to $3.03 Billion, ranked 46th among the top crypto coins.
ENA’s Large Transactions and Active Addresses Noted a Spike
Data from IntotheBlock showed that Ethena coin has experienced a significant spike in large transactions. The altcoin has seen a 179% spike in large transactions from 148 to 202 in the past few hours.
This could mean that large holders and whales aggressively accumulated it. Such a trend indicates increased demand, interest, and adoption.
Furthermore, the active addresses rose by over 16.05% over the past week and by 6.28% over the past 24 hours.
When active addresses and large transactions rise like this, the price rally is usually driven by market fundamentals and not congested speculative investments.
ENA Bull Run Imminent: Analysts Weigh in
A recent tweet by CW highlights a bullish view on ENA. He noted that Ethena crypto had completed the retracement phase ‘C’ and is poised for an upsurge.
Once it breaks the $1.20 mark, a fresh bull run can be anticipated in the next sessions.
Furthermore, Alpha Crypto Signal noted that, ENA crypto is trading within a significant range on the hourly time frame and close to the upper neckline of $1.10. Once breached, a significant rise toward $1.20 followed by $1.30 could be seen.
ENA Price Prediction: What do the Charts Say?
On the daily timeframe, Ethena crypto is trading in a steady uptrend and continues to form higher high swings. It sustained gains above the $1 mark and is eyeing the All-time-high mark of $1.52.
Currently, it holds momentum above the key moving averages and showed relative strength on the charts.
The Relative Strength Index (RSI) line rests above the midline at 52, reflecting significant room for an upswing.
Meanwhile, the Average Directional Index (ADX) line was close to the 30 mark, indicating the uptrend was still intact.
Going forward, the Long/Short ratio was at 0.9679 with 49% of long contracts in front to 51% of shorts, signifying a mixed outlook.
The immediate support zones were $1 and $0.98, whereas the resistance zones were $1.10 and $1.20.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.
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