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While the crypto market is bouncing back, where the total cap has jumped above $2.5 trillion, bear signals are emerging from industry leads.
Particularly, the co-founder and former CEO of BitMEX, Arthur Hayes, has received Ethereum (ETH) and Ethena (ENA) tokens into his Bybit deposit address. This could be a hint of looming selling pressure, as the influence of such individuals tends to drive markets.
Will Arthur Hayes sell the tokens, and if so, how will Ethereum and Ethena prices be affected?
Ethereum News: Arthur Hayes Potential Sale of ETH, ENA Tokens
As per the Ethereum news desk, a wallet moved 3,000 ETH valued at more than $6.90 million, into Binance and Bybit exchanges.
Of this amount, 1,500 ETH, valued at $3.46 million, was deposited into Arthur Hayes’ Bybit address. Additionally, Arthur Hayes received 1.9 million ENA worth $194K from Gnosis Safe Proxy. The trade was initiated by moving 0.01 ETH as a test transaction.
Such token movement suggested a potential sell. However, the time of selling was not certain. Hayes could be anticipating a pump in both tokens before offloading, hence the reason for moving the tokens.
Following Arthur Hayes’ influence in the crypto market, his actions could affect how token prices react. If the BitMEX co-founder sells his holdings, the price of these tokens could fall if a large share of the market sides with his bias.
That said, it puts the price actions of Ethereum and Ethena in the spotlight, at least in the short term. Is the current market structure aligning with Arthur Hayes’ potential activity?
Ethereum Price Prediction: Will ETH Price Fall Now?
The two-day chart showed that Ethereum’s price action had been trending up since bottoming in early February. The bottom aligned with the $1,800 demand zone, and since then, ETH has hit a new high of $2,400 for price action over the last two months. The $2,400 price mark was met with rejection, with the altcoin correcting back to around $1,965.
Bulls at $2,000 won the battle during this correction phase. Consequently, price action has bounced back to around these levels, and candles are forming wicks, indicating some resistance. This could be the reason behind the potential sale.
In case the price fails to break above $2,400, Arthur Hayes may offload his holdings. That would mean prices falling to around $2,000, which was the demand zone that initiated the current small uptrend. Otherwise, a break above the level would set the altcoin on a path toward $2,700, where $2,600 could act as resistance, slowing down the uptrend.
Ethena Price Prediction: Will Sell Pressure Add More Drawdown?
On the other hand, Ethena price action was also moving to the upside and trading at a resistance zone of the falling channel. The altcoin’s price had bounced off the midsection of the falling channel.
The RSI reading at 68 was rising, indicating buying activity. The green volume bars supported this buyer dominance, but bulls faced a test at the channel’s resistance. Failure to surpass the resistance would trigger selling and profit-taking from bulls who bought low.
Otherwise, surpassing the resistance would put ENA on a path toward the $0.24 target. However, such progress was dependent on breaking past resistance levels at $0.11, $0.14, $0.16, $0.18, and $0.20.
