Ethena Price Surge Amid Bitcoin Rally: Is It Ready For 10x Rally?

• Bullish traders have increased leverage, challenging bearish sentiment as leverage liquidations rise.
• Recent whale Arthur Hayes’s advice to stake ENA for yield further fuels optimism in the market.
• The Ethena price surged 6% intraday after support at the 200-day EMA, driven by Bitcoin’s rally.

Ethena’s (ENA) price recently surged after finding support at the 200-day dynamic EMA band. This uptick is primarily attributed to Bitcoin’s surge in intraday, which boosted the broader cryptocurrency market. As a result, the Ethena price saw a 6% rise in its intraday price.

However, Ethena crypto had previously experienced a sharp decline, following the overall bearish market trend. Even market participants speculated that Arthur Hayes, the co-founder and former CEO of BitMex, was selling off his holdings.

Hayes had deposited $6.46 Million worth of 7.85 million ENA tokens across Binance and Bybit exchanges. This triggered fear among investors, pushing the price down to as low as $0.7225.

Market participants jumped to the sell conclusion. The fear of losing gains further intensified the downturn. With this, many investors are worried about the potential for further losses.

However, Arthur Hayes has continued to recommend the ENA project as a source of passive income. He says despite selling a portion of ENA holdings, he has encouraged others to invest in USDe.

The combination of this whale’s optimism and Bitcoin’s recent decline has caused the Ethena price to rise in popularity. Additionally, rising leverage liquidations suggest increasing bullish demand for Ethena, further supporting its price recovery.

Ethena Exchange Liquidation Map Insights

Previously, as it is evident, the Ethena price experienced bearish pressure driven by various factors. That included whale activity and the broader market’s downturn in mid-December 2024. This fueled concerns among market participants.

As a result, many risk-averse traders reduced their positions, which intensified the downward trend. However, recent developments suggested a shift in favor of the bulls. This happened as liquidation leverage data showed increasing optimism.

Bulls are currently in a more advantageous position in 24-hours, as the 1-day chart shows. In contrast to $9.06 Million in short positions, $23.01 million are in long liquidations.

Will Ethena price renew its rally Amid Bets By Top Analyst Of Rising 10x?

Crypto analyst @CryptoELITES has released a technical analysis. He suggested that the Ethena crypto could reach $10 during the ongoing bull cycle, with a long-term target of $25. A notable Cup and Handle pattern, a well-regarded bullish continuation signal, has formed on the charts.

The analyst has outlined several key price targets for the Ethena price potential for upward movement. The first significant resistance level is at $4, and once surpassed, the path to $6.50 becomes apparent, with the ultimate goal of reaching $10.

The success of this rally will be determined by how the Ethena crypto maintains its momentum over the Cup and Handle formation. Furthermore, it will be determined how it broke past each resistance level.

On the daily chart, the bullish sentiment was further confirmed by recent intraday price action. There, the Ethena price has surged in alignment with the broader market trend. This reinforced the expectation that ENA will continue to rise in the coming days.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.