Ethereum is approaching a key breakthrough level, Hayes increases his position

TL;DR

Ethereum tests resistance after steady recovery
Internet activity remains active
Arthur Hayes purchased 1,290 ETH units worth approximately US$2.5 million after transferring funds to Cumberland and FalconX.

Ethereum sorts below $1,900 resistance

Ethereum is currently sorting below $1,900 resistance. Analysts are watching closely to see whether it can hit the $2,000 mark. Despite recent price fluctuations, new smart contract deployments continue, indicating that Ethereum network activity remains healthy.

Arthur Hayes continues to increase his holdings in Ethereum

BitMEX co-founder Arthur Hayes continues to increase his holdings in Ethereum, purchasing 1,290 ETH units worth approximately US$2.5 million. Chain data shows that Hayes completed the acquisition with funds transferred to trading companies Cumberland and FalconX three days ago. The move adds more attention to Ethereum as it tests resistance levels for key technologies.

BitMEX founder Arthur Hayes is increasing his holdings in ETH.
He used funds deposited in Cumberland and FalconX three days earlier to complete the purchase of 1.29K ETH (approximately $2.5 million).
Address: 0x6cd66DbdFe289ab83d7311B668ADA83A12447e21
https://t.co/wb0F9ZgN1jpic.twitter.com/sF4cwUQSSa
- Onchain Lens (@OnchainLens) July 26, 2026

At the time of the purchase, Ethereum was trading for just under $1,900. Analysts believe that this price range is crucial in judging the asset's next move. Market participants are currently watching closely whether buying pressure can push Ethereum beyond resistance levels and open the way to $2,000.

Ethereum tests resistance after steady recovery

The accompanying price chart shows Ethereum rebounded from its June lows and formed a higher low in July. However, the rally stalled below the $1,900 resistance zone, where sellers repeatedly suppressed upward momentum.

Market analyst Ted Piles believes that regaining a firm footing at $1,900 may trigger a short-term move towards $2,000. If a successful breakthrough is made, the next resistance level will be around $2,200, after which Ethereum will challenge a larger supply area around $2,400.

2-Day ETH/USDT Chart| Source: X

However, if it fails to hold current support levels, Ethereum may fall towards the $1,700 level again. If selling pressure intensifies, a deeper correction could eventually cause prices to retest support near $1,550.

Internet activity remains active

In addition to price trends, Ethereum's network also continues to show signs of developer activity. Accompanying Messari data highlighted several surges in new smart contract deployments in July, with one peak exceeding 300,000 new contracts.

Although the number of contracts created fluctuates daily, continued deployment activity suggests that developers continue to build applications despite recent market fluctuations. Even though token prices still fluctuate within ranges, strong developer engagement often reflects continued growth in the ecosystem.

Developer Activity Chart| Source: Messari

This trend complements the larger narrative surrounding Ethereum: Institutional participants and developers are continuing to expand their exposure to Ethereum as investors wait for stronger price confirmation signals.

Arthur Hayes's purchase of Ethereum adds another example for large investors to increase their holdings of the asset near key technology positions. Although a single trade cannot determine the direction of the market, institutional buying tends to attract more attention when prices approach important resistance levels.

In order to strengthen its bullish momentum, Ethereum must first stand above $1,900 before it can attempt to hit $2,000. Continued breakthroughs in this level could encourage further buying and change market sentiment after months of consolidation.

Conversely, if it is blocked below the resistance level, Ethereum will remain trading within the current range and increase the possibility of testing lower support levels again.

For now, Arthur Hayes's increase in Ethereum coincides with a period of improved technical structure and stable network activity, which makes traders pay close attention to whether ETH can turn the US$1,900 resistance into support and continue its recovery momentum towards the next major price target.