Arthur Hayes Adds 1,332 ETH in Second Ethereum Buy This Week

Ethereum News

Arthur Hayes has returned to accumulating Ethereum (ETH), spending roughly $2.53 million to acquire 1,332.5 ETH according to on-chain data. The purchase, tracked across wallets linked to the former BitMEX chief executive, marks his second multi-million-dollar Ethereum buy in a single week and lands as the token trades back above $1,900. On-chain data shows the transaction cleared within the last several hours, adding to a position Hayes has been rebuilding through the recent rally. The move underscores renewed conviction from one of the market’s most closely watched participants, whose entries and exits often coincide with sharp swings in the largest altcoin.

Ethereum joined a broader market advance on Tuesday, pushing above the $1,900 mark for the second time in the past week. The move extends a recovery that has drawn fresh attention from traders positioning for continuation toward higher local ranges. On-chain data indicates the rally has been accompanied by rising spot demand rather than purely leveraged flows, a distinction that matters for whether the bounce holds. The $1,900 threshold has acted as a pivot in recent sessions, and reclaiming it a second time suggests buyers are defending the level. Momentum traders now watch whether ETH can convert the zone into durable support.

The latest accumulation follows a nearly identical pattern from earlier in the month. On July 16, Hayes acquired 1,293 ETH for a comparable sum as the asset traded above $1,900 for the first time in months, according to on-chain data. That buy came shortly after he offloaded more than $10 million worth of ETH at prices just under $1,700. The sequence illustrates a disciplined swing approach: adding exposure into strength and trimming into weakness. Traders tracking his wallets note that this behavior has become a recurring signal, with accumulation clustering around rallies and distribution appearing during corrections in the altcoin.

Hayes is not alone in stepping up exposure. On-chain data shows a cluster of Ethereum whales accumulating aggressively over the same window. One wallet purchased roughly $13.5 million worth of ETH, while another spent about $20 million to acquire 10,501 tokens. A separate address withdrew 12,800 ETH from Binance, a move typically read as intent to hold rather than sell in the near term. Large withdrawals from centralized exchanges reduce readily available supply, and clustered activity of this scale often precedes tighter liquidity. The coordinated buying suggests conviction among sizable holders is building alongside the price recovery on Ethereum.

Analyst price targets have sharpened as ETH reclaimed $1,900. One widely followed trader projects Ethereum could climb toward $2,300 within the next month if current momentum persists. That target sits comfortably above spot and would require ETH to clear several overhead resistance bands that have capped prior attempts. Reaching it would mark a meaningful extension of the recovery and could reignite discussion of a run toward a new all-time high over a longer horizon. For now, analysts frame $2,300 as an achievable near-term objective, contingent on broader market cooperation and sustained inflows into the second-largest cryptocurrency.

Not every projection is bullish over the medium term. The same analyst cautioned that Ethereum could reverse sharply in September, potentially dumping toward multi-year lows near $1,200. Such a decline would erase the current recovery and push ETH into territory not seen in years, reflecting the two-sided risk that continues to define the altcoin’s outlook. The warning underscores how quickly sentiment can shift and why a sustained bear market remains a live scenario for holders. Traders weighing the $2,300 upside case against a possible slide toward $1,200 face an unusually wide range of outcomes over the coming weeks.

COINOTAG’s proprietary 42-indicator composite S/R scoring engine rates the $1,964 resistance at 92/100, its strongest reading, built on the confluence of a support-to-resistance flip and the Keltner upper band, while the $2,063 level scores 76/100 off the 0.618 Fibonacci retracement and point of control. On the downside, the engine scores $1,888 support at 82/100, anchored by a resistance-to-support flip and the 0.382 Fibonacci level. Derivatives data shows a positive 0.0036% funding rate, $8.3 billion in open interest and a 1.37 long/short ratio (57.8% long), signaling cautiously bullish positioning. With RSI at 64.76 and a bullish MACD, a close above $1,964 opens $2,063; losing $1,888 invalidates the thesis. A Fear & Greed reading of 25 (Extreme Fear) tempers the setup.