“$1,580 was the level to buy,” declared analyst Ali Charts as Ethereum climbed more than 20% after testing this critical support. Arthur Hayes, co-founder of BitMEX, demonstrated his confidence by purchasing 1,290 ETH worth $2.5 million through FalconX, signaling a strategic accumulation amid ongoing market uncertainty. This latest buy brings Hayes’ total holdings since mid-July to nearly 4,000 ETH, acquired at an average price of around $1,909 per coin.
Exchange data revealed a modest net inflow of $5.58 million onto spot Ethereum markets, indicating some holders are preparing to sell but overall sentiment remains cautious. At the same time, futures markets are showing solid bullish conviction: open interest increased by 2.2% to nearly $12 billion, while funding rates surged dramatically, with longs paying a premium to maintain their positions. Such dynamics suggest traders expect ETH to push higher despite resistance near $1,945, with $2,145 in sight if buyers hold momentum.
Adding to the bullish narrative, spot Ethereum ETFs attracted $104 million in net inflows during the third consecutive week of positive flows, a trend that strengthens institutional backing. Analysts comparing Ethereum’s current chart patterns to the historic 2017 and 2021 cycles see room for substantial gains ahead. Crypto Patel highlighted a potential long-term target of $10,000, while others like Freedom By 40 envision ETH reaching $20,000 by 2028, pointing to a repeating rhythm of rallies, corrections, and accumulations before major expansions.
Hayes’ calculated entry below key resistance levels reflects a broader market view that Ethereum’s multi-year support forms a solid base. Despite a slight unrealized loss on his position, his moves underline a growing institutional appetite that could propel ETH beyond the near-term hurdles. This development comes amid ongoing volatility in crypto markets, including Bitcoin’s steady hold above $65,500 and shifting ETF fund flows, reinforcing Ethereum’s role as a focal point for traders and investors alike.
