Arthur Hayes has moved quite a bit of his Ethena (ENA) crypto causing possible repurcations on the market. Hayes further deposited 2 million ENA, worth approximately $2.12 million, into the Bybit exchange three hours ago.
It is also part of a wider pattern observed over the past two days in which Hayes unstaked and transferred a total of 9 million ENA, equalling close to $10.6 million, to leading exchanges Binance and Bybit. The average price of each of Ethena crypto was $1.173.
Despite these huge numbers of movements, Hayes still possesses roughly 7.94 million ENA, which is staked and pegs 8.1 million.
Arthur Hayes (@CryptoHayes) deposited the other 2M $ENA ($2.12M) to #Bybit 3 hours ago!
Over the past 2 days, he has unstaked and deposited 9M $ENA ($10.6M) to Binance and Bybit at an average price of $1.173, leaving behind 7.94M $ENA ($8.1M) still staked.
Follow @spotonchain… https://t.co/xNCtlJ7OZf pic.twitter.com/czmw6hbZWp
— Spot On Chain (@spotonchain) December 23, 2024
Market Reaction to Recent Ethena Crypto Transactions
Hayes’ transactions have been met with noticeable price movements within the cryptocurrency market, more specifically within the Ethena tokens space.
After this came out, Ethena crypto price has seen a 3.3% depreciation in the past 24 hours. This is a sign that investors are not bullish on the coin. This is in line with the current market and Ethena’s price seems to be consolidating, ready for a deeper correction.
However, the Ethena price is at the $1 support level at approximately $1.10, which is currently comfortable according to the analyst charts. It looks like this level has found itself to be a solid support zone.
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According to the tweet, a resistance level of around $1.5266 is highlighted on the chart. The experts say this may be the next ‘ATH (All-Time High) retest’. The current price is seen in between the known range, the rectangular consolidation box, meaning that the price is compressing and potentially gathering for a breakout.
If this is true, the expert says this indicates active buying interest and the upward movement of price. Further, the Aave $USDe’s increase in TVL (Total Value Locked), as mentioned, contributes to the presumption of more and more positive liquidity into ENA.
The consolidation box displays a bullish candlestick with the formation of the box in the consolidation box could indicate that there is accumulation with the intent for a breakout.
$ENA still great play since Jun, easy conviction bet
We are comfortably sitting at $1 support and ATH retest incoming.
The TVL keeps increasing, especially with Aave $USDe flywheel.
Don't expect any big moves until mid, Jan https://t.co/TujnW52WTv pic.twitter.com/ui98Ntaaln
— Finish 🏁 (@0xFinish) December 23, 2024
Technical Analysis and Emerging Patterns
Looking at further technical analysis, we can see this is a classic chart pattern. The pattern, a ‘Left Shoulder’, ‘Head’ and ‘Right Shoulder’, signifies a reversal from a bullish to a bearish trend. This could therefore mean that the price pattern could decline after forming the right shoulder.
The pattern is completed when the price breaks below the neckline and this, it would seem is projected with a dotted line on your chart. On the other hand, the Awesome Oscillator (AO) tells us bears are holding the current market forces. This corresponds with the reversal pattern for Ethena crypto above.
We can see the chart suggests a price projection using a dotted line dropping down from the right shoulder.
Recent Ethena crypto price movements are oscillating closely around the last observed price on the chart around $1.0504. This projection suggests a potential drawdown, starting from the last point of the projection line ends at a circle indicating a high potential drawdown should the bearish pattern hold.
