Having gained over 65% in the past month, Ethena (ENA) continues to attract the attention of BitMEX co-founder Arthur Hayes and other major investors.
Hayes sold some of his ETH at a loss and bought $2.8 million worth of ENA. Although the ENA price has fallen by 15% in the last 24 hours, Hayes' purchase attracted attention. Despite the price correction, ENA's general outlook is still positive. According to the analysis, the current price levels at which ENA is traded show that the market's interest in ENA continues.
AMBCrypto noted that Hayes’ position in ENA could be a signal for a possible rally. The analysis commented:
"Hayes appears to have bought in anticipation of ENA's potential future rally. This could be seen as a dip buying opportunity for a 'recovery rally.'"
What to Expect for Ethena (ENA)?
The ENA price started to rise after consolidating at support levels between $0.54-$0.56. Climbing to $0.6375 during the day, ENA recorded a total increase of 13%. AMBCrypto emphasized that ENA has attracted significant interest during the accumulation process and its potential rise continues.
According to the analysis, the ENA price needs to break the resistance level at $0.75 to make a sustainable rally. This breakout could take the ENA price to $0.80. If the $0.80 resistance is broken, ENA could rise to $1. However, if ENA cannot hold at current price levels, a pullback to $0.59 is possible.
AMBCrypto concluded its analysis of ENA as follows:
"ENA's price was at $0.32 at the beginning of November. ENA, which has gained rapidly in value recently, managed to rise above $0.60. This price increase shows that the activities of institutional investors and whales have increased."