Ethena (ENA) Eyes $1 After 18% Surge as Arthur Hayes Buying Spree Intensifies

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.