Arthur Hayes' Enthusiasm Boosts Ethena Price Ahead of Potential Breakout

Ethena (ENA) has broken its long-term downtrend and is now strengthening above a key support zone, indicating steady accumulation and growing buyer confidence.

Continued buying by Arthur Hayes, who recently purchased 2.69 million ENA tokens valued at around $246,000, has reinforced bullish sentiment among traders.

According to the crypto analyst The Boss, Ethena is showing improving technical strength after breaking above a long-term descending trendline, signaling that bearish control may be fading.

The token has entered a consolidation phase above a key demand zone, which analysts view as steady accumulation and strengthening market confidence.

With the continued support from buyers on the existing support level, there is enough room for ENA to move towards levels of resistance, including $0.1397, $0.1990, $0.2775, and $0.3613.