Hayes Stacking Up Ethena Crypto As Prices Struggle

Arthur Hayes has recently made a notable move as far as his investment strategy is concerned and that is by ramping up his stake in Ethena crypto(ENA). Following that, he disposed of another asset at a loss, and this time, it seemed a head towards what he might consider a more viable token.

A transaction engineered by Wintermute Trading saw Hayes exchange a massive 874.9 Ethereum (ETH) in return for 4.916 million ENA tokens. ENA is now his second-largest holding and speaks to the bullishness towards the token.

Ethena crypto isn’t the only project Hayes is involved in. It has a wide assorted assortment of supposed tokens, and a decent place in Ethereum (ETH) and several tokens, such as EETH, SUSDE, and PENDLE.

– Advertisement –

It provides risk mitigation plus a way to play different markets. But the ‘Latest Transactions’ feature in his portfolio management tool shows a burst of activity in the last few weeks. This confirms that he is still hard at work in the market and ready to pivot at a moment’s notice.

Current Market Performance of Ethena Crypto

Although Hayes contributed so meaningfully to ENA, the drop in ENA’s price on the market to ENA’s point (lower price than it, etc. On the day, ENA is trading at about $0.63, down from 0.25% daily.

Other than that, this slight dip is a contrast to a whopping 34.8 percent increase in trading volume resulting in such investment from Hayes may have indeed already begun influencing the market activity, in increasing interest and speculative trading around ENA.

– Advertisement –

Now looking at the technical analysis the price of the technical shows in general a downtrend consisting of lower highs, in the descending channel pattern (marked by the blue and red shaded area). 

But lately, the price has been moving with green candlesticks, and the price has prompted a bullish move. However, the Relative Strength Index (RSI) line is approaching the 60 mark and is moving farther away from the oversold territory.

This indicates an increase in buying momentum and less perceived risk of overbuying at this time. The RSI trend line was down and that said decreasing momentum, but the very recent uptick can be interpreted as a possible reversal or at least a temporary rally.

A long position could be taken watching for a break above the current resistance level at $0.6384 with targets to the next resistance level at $0.6793 and perhaps $0.6902.

If the price of the crypto asset fails to break the current resistance and shows signs of exhaustion, such as the formation of a bearish reversal candlestick pattern, this would be an entry point for a short position. It would be aiming to hit the recent support at around $0.6383.

The Broader Impact of Hayes’s Market Moves

By investing in ENA, Hayes may be signaling to other investors that this token is worth having a look at, and may spur a wider market revaluation of the worth of ENA.

This is the kind of activity that goes on in crypto markets, where cool traders follow the trends that other cool traders start.

If Hayes’s read on the market is right, his move may foreshadow a string of similar moves for ENA, lifting not only his portfolio but other ENA holders along for the ride.

It will come as no surprise to anyone that for anyone who has followed Arthur Hayes’s investments to any extent.

His recent pivot to amass a substantial stake in ENA during a period of price depreciation is indicative of his value as an investor and his willingness to take the risk for what may be a gratuitous reward.

Hayes’ moves might affect his holdings, but they could also affect the rest of the crypto market as it could spark more interest in the coin.