Ethereum (CRYPTO: $ETH) is back near a key technical level after Arthur Hayes appeared to cut a recent ETH position at a loss, even as other large wallets continued adding exposure around the same zone.
The BitMEX co-founder sold 6,000 ETH for about $10.14 million at an average price near $1,690, according to on-chain data from Lookonchain. The sale came only days after Hayes accumulated roughly 5,900 ETH at an average purchase price of $1,793, leaving an estimated loss of about $606,000 on the round trip.
The exit landed as Ethereum struggled to rebuild momentum after losing the recovery attempt that followed its June low near $1,507. ETH was trading close to $1,700, below its April high of above $2,400 and near the 78.6% Fibonacci retracement level around $1,703, an area traders are watching as a possible stabilization point.
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The selling was not matched across the larger-wallet cohort. On-chain data showed K3 Capital withdrew 10,000 ETH worth about $16.9 million from Binance, while a wallet linked to entrepreneur Chun Wang bought another 7,650 ETH worth nearly $12.9 million.
That split keeps the market focused on whether Ethereum is seeing quiet accumulation or another failed bounce inside a wider downtrend. Daily indicators remain soft, with RSI below the neutral 50 mark and MACD still beneath the zero line, suggesting buyers have not yet forced a clean reversal.
The next clean upside zone sits between roughly $1,780 and $1,820, where liquidity remains clustered around the $1,800 level. If buyers push through that range, $1,856 comes back into view. If ETH loses $1,700 instead, the chart opens back toward $1,620 and the June low near $1,507.
For now, Ethereum is caught between whale buying, headline selling and a chart that still needs confirmation.
The Ethereum (CRYPTO: ETH) cryptocurrency is currently trading at $1,701.75 U.S. per digital token.