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Following
ETH Arthur Hayes bought 1290 ETH, Ethereum is testing US$1900 resistance.
On-chain trading data shows that Arthur Hayes, co-founder and former CEO of cryptocurrency exchange BitMEX, has purchased 1290 Ethereum (ETH) units worth approximately US$2.5 million. Hayes completed the acquisition three days before the purchase by transferring funds through digital asset trading companies Cumberland and FalconX, a move that further drew market attention to recent Ethereum institutional activity.
Ethereum hovers below $1900 technical resistance level
The latest buying came as Ethereum prices were oscillating around the $1900 mark, a level many technical analysts view as a key resistance level. In the past few weeks, ETH has rebounded from its June lows and formed a series of higher lows in July. However, the current rally has repeatedly encountered resistance, and sellers have prevented the price from clearly breaking through $1900.
Market analyst Ted Pillows commented that if Ethereum can recover the $1900 mark, it may quickly launch a shock to $2000. Pillows pointed out that the next important resistance level after the breakthrough may be $2200, and if momentum continues, it may even pave the way for a rush to $2400. If it fails to hold current support levels, Ethereum could risk falling towards $1700; intensified selling pressure could force ETH to retest lower support near $1550.
Price level:
US$1900--Key resistance
US$2000--Post-breakthrough target
US$2200--Next resistance
$1700--Support after blocking
$1550--Secondary support
Ethereum has recently rebounded from its June low, but still encountered strong resistance below the $1900 mark. If the price successfully breaks this threshold, the next target may be $2000 and $2200.
Developer activity shows network continues to be strong
In addition to price dynamics, Ethereum's underlying network shows strong developer engagement. Data from analyst firm Messari showed that deployment of new smart contracts experienced multiple peaks during July, including a peak of more than 300,000 contracts a day. Although this indicator fluctuates daily, the stable deployment rate shows that developers are still actively participating in network construction regardless of market fluctuations. Strong developer activity is often seen as a health indicator for blockchain platforms because it supports the continued expansion of the ecosystem even in times of price uncertainty.
Note: Messari is a blockchain analytics company that provides data, research and insights on the cryptocurrency market to help investors and developers track chain trends and network health.
During the price consolidation period, large investors continued to increase their holdings.
Hayes's recent increase in Ethereum further confirms the common phenomenon that large market participants are establishing positions while ETH is testing key technology positions. Although a single transaction is unlikely to determine price trends, the movements of industry leaders may attract more attention, especially for assets at key turning points.
Analysts stressed that if Ethereum is to maintain a bullish breakthrough, prices must stay above $1900 to turn resistance into support. If this happens, traders expect buying pressure to build, pushing ETH towards its next target of $2000 or higher. Conversely, if it is blocked at this level, Ethereum will remain trading within the near-term range and increase the risk of a short-term correction to lower support levels.
Many investors are closely watching whether Ethereum can convert $1900 into support, which could trigger the next major round of market movements for the asset. Currently, traders continue to pay attention to whether ETH can break through the resistance zone and continue to rebound, while active network development and institutional increases in holdings have kept the market cautiously optimistic in the short term.
