Ethena price jumps 8% despite Arthur Hayes’ $2.7M ENA sale

Ethena price has rebounded toward $0.21 on October 26, gaining nearly 8% in 24 hours despite fresh selling linked to Arthur Hayes, as traders weigh a possible recovery against the token’s month-long decline.

According to crypto.news price data, ENA traded near $0.207 on Monday, October 26, after moving between $0.1887 and $0.2108 during the previous 24 hours. Its market capitalization stood near $2.77 billion, placing the token among the 40 largest cryptocurrencies.

The recovery follows several difficult weeks for ENA, which has lost roughly 22% over the past month. Trading activity has picked up during the rebound, while social attention and technical buying appear to be supporting the move without a confirmed new protocol announcement.

Why is Ethena price rising today?

ENA’s latest gains follow a correction from its September rally, when the token approached $0.30 before sellers pushed prices toward the $0.19 area.

The token gained around 9% over seven days, with daily trading volume reaching approximately $420 million. Its reported share of cryptocurrency-related social media discussions reached a 30-day high of 0.41%, suggesting renewed attention among traders.

The price movement has not been linked to a single confirmed development. Instead, ENA appears to be recovering from recent losses as traders reassess its technical position and previous selling pressure.

However, the rebound follows a substantial round of selling by Arthur Hayes, the BitMEX co-founder who recently reduced his exposure to several cryptocurrencies.

On October 24, Hayes announced on X that he had closed the Maelstrom directional trading book after taking profits on Ethereum, ENA, Uniswap, and other tokens.

“I think we gotta go down to go up,” Hayes wrote, citing uncertain macroeconomic and geopolitical conditions before saying he would remain on the sidelines.

Subsequently, blockchain tracker Lookonchain reported another ENA sale involving approximately 14 million tokens worth $2.73 million.

As crypto.news previously reported on October 24, an initial breakdown of Hayes-linked transactions showed $22.28 million in reported cryptocurrency sales, including a separate 14 million ENA position valued at $2.76 million.

The later transaction report points to continued selling pressure, although wallet-tracking estimates do not independently establish the execution price or final proceeds of every transfer.

Ethena price prediction faces competing signals

Despite the latest selling, some technical analysts believe Ethena price could be preparing for another recovery after the pullback.

Crypto analyst Alpha Crypto Signal identified a possible breakout, noting that ENA was bouncing from a former resistance area that had become support. The analyst pointed to a potential break above a higher-timeframe descending trendline.

However, CryptoBullet offered a more cautious outlook, arguing that ENA’s fourfold advance between July and September may require a longer correction before another sustained rally.

The analyst identified $0.122–$0.172 as a potential buying zone if prices retreat further, describing the expected consolidation as a flat corrective pattern.

Ethena price analysis: Can ENA reclaim $0.23?

On the daily chart, Ethena price is trading near its 20-day simple moving average of $0.2051, which separates the immediate recovery area from the token’s recent bearish structure.

The Bollinger Bands place resistance near $0.2302 and lower support around $0.1801. A sustained move above $0.21 could open another test of $0.23, while clearing that level would bring $0.25 into focus.

Momentum remains mixed. The MACD line stands at -0.0031 against a signal line of -0.0026, leaving the indicator bearish despite signs that selling pressure is easing.

The histogram, at -0.0005, shows that the gap between the two lines has narrowed. A bullish crossover has not yet occurred.

Immediate support sits near $0.20, followed by $0.18. Losing both levels could expose ENA to $0.16, while CryptoBullet’s lower buying range would become more relevant during a deeper correction.

What could influence Ethena’s October outlook?

Ethena’s token economics remain another consideration for traders assessing the recovery.

In August, Ethena proposed directing 95% of net revenue from its branded businesses toward recurring ENA buybacks once USDe supply reached specified thresholds, beginning at $7.5 billion.

The proposal differs from completed token purchases because future buybacks would depend on qualifying revenue and the stated supply conditions.

Standard Chartered previously outlined a $2 forecast for ENA by the end of 2028, based partly on Ethena’s stablecoin business, tokenized assets, and proposed revenue-linked purchases.

Ethena has expanded USDe’s applications into tokenized equities, after its Risk Committee approved using selected tokenized stocks and equity perpetual futures in part of the stablecoin’s backing strategy in September.

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