Arthur Hayes’ recent transactions have sparked waves in the Ethena ($ENA ) market. Recent market activity around Ethena (ENA) is sparking conversations about its next big move. Here's what you need to know:
🛠️ Major Ethena Movements
Hayes deposited 2M ENA ($2.12M) into Bybit.
Over the past two days, he unstaked and transferred 9M ENA ($10.6M) to Binance and Bybit.
Despite this, Hayes still holds 7.94M staked ENA, valued at 8.1M USD.
📉 Market Impact
Ethena is trading 3.3% down in the last 24 hours.
The price hovers at $1.10, near a solid support level.
Resistance at $1.5266 indicates potential for consolidation or a breakout.
🔍 Technical Analysis Highlights
A Head and Shoulders pattern is forming, suggesting a potential bearish reversal.
The Awesome Oscillator (AO) indicates bearish dominance.
A breakout could lead to a major drawdown if the price breaks below the neckline.
📊 Market Sentiment
While bears dominate for now, Aave’s USDe TVL growth hints at increased liquidity and potential buying interest for $ENA . Analysts remain cautious but optimistic for a possible breakout.
What’s your take? Will Ethena defy the bearish pattern and rally, or is a deeper correction inevitable?
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