Albert Brown
Will Ethena (ETH) Price cross the $1 barrier as Arthus Hayes’s buying spree fuels a bull run?
Surpassing a $2 billion market cap, Ethena is back in action as Arthur Hayes continues to buy more ENA tokens. With rising investor interest, is ENA ready to cross the $1 mark? Let’s find out.
ENA’s price action in the daily chart shows a trend reversal rally gaining momentum. The ENA price has surpassed the resistance zone at $0.70 in a bullish formation.
Ethena Price ChartBased on previous price action, the recovery rally shows multiple post-retest reversals from the $0.33 crucial level and the $0.50 psychological zone. Currently, Ethena is trading at $0.71 following an 18% surge last night. This surge created a bullish engulfing candle, crossing the 61.8% Fibonacci retracement level at $0.6899.
After the bullish crossover between the 50-day and 100-day EMAs, the rising average line suggests a potential golden crossover. Meanwhile, the RSI remains sideways near the overbought boundary, indicating room for further growth.
Arthus Hayes Continues to Accumulate Ethena
In a recent buying spree, Arthur Hayes, co-founder of BitMEX, withdrew 10.36 million ENA tokens worth nearly $7.5 million. This withdrawal occurred on Binance, bringing his two-day buying spree to a total of 16.79 million ENA tokens.
Hayes’s average buying price remains at $0.666, and his current unrealized profit stands at $1.14 million. Thus, the growing confidence from high-net-worth individuals like Hayes signals the potential for a bull run in the near future.
Will ENA Price Cross $1?
The overnight surge overcomes the pullback from two consecutive bearish candles. As the intraday candle shows a higher price rejection, the broader market anticipates a post-retest jump in ENA.
Based on Fibonacci levels, the immediate resistance for ENA is at $0.9595, followed by the $1.46 peak. On the downside, the crucial support for Ethena is at $0.54.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
