Former BitMEX CEO Arthur Hayes added to his Ethereum holdings on July 26, acquiring 1,290 ETH worth roughly $2.5 million through the FalconX over-the-counter desk. The purchase followed a deliberate deposit-then-buy sequence, a pattern that typically signals a planned accumulation rather than an opportunistic trade.
The move comes as Ethereum works to build on its recovery from a June low near $1,564, with traders now watching whether the asset can clear resistance and extend toward higher levels.
On-chain exchange data adds some nuance to the bullish signal. Spot netflows into exchanges were positive at $5.58 million in the latest session, meaning more ETH arrived on trading platforms than left them — typically a mildly bearish signal on its own, since coins moving to exchanges are often positioned for sale. However, the inflow was modest next to spikes of hundreds of millions of dollars seen earlier in the year, suggesting no major wave of sell pressure is building.
Futures Market Shows Fresh Capital, Not Position Unwinding
Ethereum's derivatives market offered a clearer bullish signal. Open interest climbed to 11.97 billion dollars, up 2.2% over the past day, while funding rates surged 3,092% within 24 hours to reach 0.003479. Rising open interest alongside a jump in funding rates typically points to fresh capital entering new positions rather than existing shorts being closed out, indicating traders are actively building new long exposure rather than simply covering.
Key Levels Traders Are Watching
Technically, Ethereum's next moves are likely to hinge on a handful of levels. The $1,945 mark has re-emerged as a resistance zone, with $1,830 acting as immediate support beneath current prices. A clean break above resistance would put the $2,145 mark in view as the next major upside target. Trend-strength indicators lend some support to the bullish case: the Directional Movement Index shows +DI at 25.51 against -DI at 18.48, while the ADX reading of 22.29 points to a gradually strengthening trend, though not yet a decisively strong one.
The broader crypto market remains active alongside Ethereum's move, with total market capitalization near $2.29 trillion and Bitcoin's dominance holding around 56.46% — a backdrop that leaves room for Ethereum to carve out independent momentum if the current setup holds.
