Ethena (ENA) Surges 65% Amid Arthur Hayes’ Bet and Whale Activity: Key Levels to Watch for Future Growth

Ethena (ENA) Outperforms Market With a 65.13% Price Surge: Arthur Hayes' Big Bet and Key Technical Levels to Watch

Ethena (ENA) has been on an impressive upward trajectory, demonstrating a remarkable 65.13% increase in price over the past month. This strong performance outpaced the broader cryptocurrency market, which saw only a 9.40% rise during the same period. As of the latest market data, ENA is trading at $0.5941, showcasing significant investor confidence and sustained market interest. But what’s behind this momentum, and could it continue to gain steam in the coming weeks?

Arthur Hayes' Strategic Move Into Ethena (ENA)

One of the most notable developments surrounding Ethena is the involvement of Arthur Hayes, the Co-Founder of BitMEX. Hayes, who has established himself as a key player in the crypto space, has recently made substantial additions to his portfolio, including a significant position in ENA. According to data from his portfolio breakdown, Hayes holds a total of 5.053 million ENA tokens, now valued at approximately $2.89 million.

His latest move involves receiving 4.916 million ENA tokens, worth $2.8 million, from Wintermute Trading, signaling a significant increase in his exposure to the token. This suggests that Hayes is betting on ENA’s future potential, even as the token experiences short-term fluctuations. Prior to this, Hayes sent 874.9 ETH (worth $2.8 million) to Wintermute Trading, further confirming his reallocation of assets.

These moves are indicative of Hayes’ strategic approach, signaling his belief in the long-term upside potential of ENA despite the token’s recent price dip. The fact that Hayes, a prominent figure in the crypto space, is accumulating ENA at this juncture is a strong endorsement for the token's future growth.

Will ENA Bounce Back from its Fair Value Gap (FVG)?

Since the 23rd of November, ENA has been consolidating after a significant pullback, dipping into the Hourly Fair Value Gap (FVG) near the crucial $0.54-$0.56 support zone. This price action is often indicative of accumulation, suggesting that institutional investors and smart money are positioning themselves at these levels before a potential breakout.

The support at this level is critical. If ENA manages to hold the FVG and maintain price stability, it could trigger a rebound toward the next resistance at $0.75. A successful breakout above $0.75 could open the doors for further price appreciation toward $0.80 and beyond.

Key Technical Indicators Point to Potential Reversal

In terms of technical analysis, the Alligator indicator suggests a mild short-term retracement. The green line on the Alligator indicator recently dipped below the red line, signaling a potential cooling-off period in the immediate future. However, this is not necessarily bearish. It could merely be a pause in an otherwise bullish trend.

Moreover, the Stochastic Oscillator and the Chaikin Money Flow (CMF) indicator suggest that ENA is in oversold conditions, which may soon attract more buyers into the market. Should the price manage to stay above the support zone, there’s a high likelihood of a strong rebound.

However, if ENA fails to maintain the FVG support zone, it could see a shift in momentum, potentially pushing the price lower in the short term.

Surge in Large Transactions and Whale Activity

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Another indicator of growing interest in ENA is the significant uptick in large transactions. KriptoNovini.bg’s analysis, based on data from IntoTheBlock, revealed that ENA saw a substantial increase in large transactions in November 2024. Key spikes were observed on the 1st, 5th, and 23rd of November, with 96 large transactions recorded on November 25th alone—matching its 7-day high.

This surge in large transactions is a strong sign that institutional players or whales are increasingly interested in ENA. This buying activity, combined with the steady price performance around $0.60, suggests that ENA may be poised for further upside, particularly if large buyers continue to enter the market at these levels.

ENA’s Rising Open Interest and Growing Market Participation

In parallel with the rise in large transactions, ENA’s Futures market has been showing increasing participation. Open Interest in ENA Futures has steadily increased since mid-September 2024, surging from under $100 million in early August to over $350 million by late November. This increase in Open Interest signals growing confidence among traders in ENA’s future price movements.

As Open Interest continues to rise, more traders are opening positions, which could create a feedback loop of increasing market activity and price appreciation. The correlation between the rise in Open Interest and ENA’s price surge from $0.20 to $0.70 underscores the bullish sentiment in the market.

What’s Next for Ethena (ENA)?

Given the current market trends and technical indicators, ENA is positioning itself as a strong contender for future price growth. The consolidation around the FVG support zone presents an opportunity for institutional buyers to accumulate at favorable prices before a potential breakout. If the token manages to hold these levels, we could see a price rally toward $0.75 and even $0.80 in the near term.

The involvement of Arthur Hayes, coupled with rising whale activity and growing Open Interest, further strengthens the case for continued upside in ENA. Hayes' strategic move into ENA suggests he believes in the token’s long-term potential, even if short-term price fluctuations persist.

Moreover, the overall market sentiment for ENA remains optimistic, with rising volumes, increasing large transactions, and institutional interest. As the token continues to mature, its increasing adoption and utility could position it for even greater growth.

Conclusion: ENA on Track for Strong Growth in 2024 and Beyond

Ethena (ENA) has been a standout performer in the cryptocurrency market, demonstrating impressive growth over the past month despite recent pullbacks. The involvement of key figures like Arthur Hayes and the surge in whale activity indicate that ENA is gaining traction as a promising investment. The price consolidation at the critical support zone could be the prelude to another leg up in the coming weeks.

As always, traders and investors should keep an eye on key levels, particularly the $0.54-$0.56 support and $0.75 resistance, to gauge the next move for ENA. With its growing market activity, strong technical indicators, and backing from prominent investors, ENA could be poised for a breakout in the near future.

Nataliya Ivanova publication: "Ethena (ENA) Surges 65% Amid Arthur Hayes’ Bet and Whale Activity: Key Levels to Watch for Future Growth" was written for 24crypto.news