Arthur Hayes, a veteran trader and co-founder of BitMEX, has once again placed a bet in ETHFI nearly a month after a possible exit from the token.

According to a March 19 X post by on-chain tracker Lookonchain, Hayes invested around 132,730 ETHFI tokens worth $72,800 today. The tokens were received from Anchorage Digital at an average price of $0.55 each.

While such transfers are common for institutional players, the report highlighted the significance of the timing of the purchase. It revealed that the transfer from Anchorage Digital happened just five hours ahead of a KRW market listing for the token by South Korea’s largest crypto exchange, Upbit.

Typically, a KRW listing on Upbit has often acted as a major catalyst for crypto assets. As reported by crypto.news earlier, CPOOL, the native token of the DeFi institutional credit protocol Clearpool, soared over 70% in a single day following a similar listing. However, the token later gave up a portion of those gains as profit-taking set in.

Lookonchain added another twist to the development. Notably, Hayes had transferred 2.15 million ETHFI tokens worth around $1 million out of his wallet a month ago, likely exiting from the position.

The latest receipt of ETHFI tokens could likely mark a potential re-entry into the token, though at a much smaller scale than when Hayes previously exited the position. Hayes has also historically rotated capital across DeFi tokens, including PENDLE, LDO, ENA, and ETHFI, depending on market conditions.

Ether.Fi (ETHFI) shot up nearly 12% to $0.60 within an hour after Upbit listed the token. It, however, retraced back to around $0.54 at press time, down 2.3% over the past 24 hours.

ETHFI price analysis

On the daily chart, ETHFI price has broken out of a descending trendline that had been acting as dynamic resistance for the token following its decline since early October. A sharp breakout from the pattern typically signals a potential trend reversal and opens the door for further upside if supported by volume.

Technical indicators like the MACD and the RSI also suggest mixed momentum. Notably, the MACD lines were still pointing downwards, indicating lingering bearish pressure, while the RSI hovered near the neutral zone, reflecting indecision among traders.

For now, $0.649 would be the key resistance level traders would be keeping an eye on. A break above that could strengthen bullish momentum and push the price toward higher levels.

On the contrary, $0.500 would be the key support level. A drop below that could lead to a retest of the Feb. 6 low of $0.381.