Recent moves in the Ethena cryptocurrency market have sparked interest among investors and analysts. In light of reports about Arthur Hayes selling tokens, ENA's price has declined, prompting discussions on potential consequences and growth prospects.
Arthur Hayes' Selling Actions
Ethena erased some of its gains after reports indicated that Arthur Hayes was selling tokens. Ethena fell to $1.10 from an intraday high of $1.2240, dropping over 16% from its highest level this month. Data from Nansen shows that Hayes moved 7 million tokens worth $8.47 million to Binance, which may indicate a crypto sell-off.
Development and Growth of USDe
The total value locked in Ethena's ecosystem rose to over $6 billion, making it the third-largest stablecoin in the crypto industry after Tether and USD Coin. The growth of USDe is largely due to its strong yield of 12%, surpassing the returns of US government bonds and most ETFs. Recently, Ethena also launched USDtb, a new stablecoin backed by BlackRock.
Technical Analysis and ENA Prospects
The daily chart shows that the ENA price bottomed at $0.1951 in September and has risen by 445% to the current $1.0825. The coin has surpassed the 50-day moving average and the psychological level of $1.00. The formation of a 'cup and handle' pattern suggests potential movement above the $1.5197 level, about 42% above the current price.
Arthur Hayes' market movements have significantly impacted Ethena's price. Despite the temporary decline, technical analysis shows future growth prospects associated with ecosystem development and the launch of new products like USDe and USDtb.
