In a surprising move, BitMEX co-founder Arthur Hayes has offloaded 6,000 Ethereum at a loss, just days after accumulating nearly $10.6 million worth of the digital asset. Blockchain analytics platform Lookonchain reported that Hayes had purchased approximately 5,900 ETH at an average price of $1,793 per token over the past few days. However, he later sold 6,000 ETH for around $10.14 million at an average price of $1,690, incurring an estimated loss of about $606,000.
This sell-off comes at a time when Ethereum is struggling to regain upward momentum after failing to hold above key resistance levels during a recent recovery attempt. ETH was trading near $1,700 at the time of writing, significantly below its April peak above $2,400.
Despite Hayes’s exit, other large investors are seizing the opportunity to accumulate more ETH. On-chain data from Lookonchain reveals that investment firm K3 Capital withdrew 10,000 ETH worth approximately $16.9 million from Binance. Additionally, a wallet linked to entrepreneur Chun Wang acquired 7,650 ETH valued at nearly $12.9 million. These purchases occurred as Ethereum tested a critical support zone identified by multiple technical indicators.
Technical analysis shows that Ethereum is hovering near the 78.6% Fibonacci retracement level at around $1,703, a key area for potential trend stabilization. The daily RSI remains below 50, and the MACD indicator is still below the zero line, suggesting that buyers have yet to establish a sustained reversal. The 4-hour chart indicates that Ethereum remains below a descending trendline that has capped rallies since early May, with the Supertrend indicator signaling bearish conditions.
Liquidation data from CoinGlass highlights notable liquidity clusters between $1,780 and $1,820, with a major concentration near $1,800. Such areas often attract price movement as traders seek liquidity. Based on analysis from market commentator Team LAMBO, Ethereum has formed a clear trading range between roughly $1,500 and $1,800, with a breakout beyond either boundary likely determining the next significant move.
Looking ahead, a move above resistance near $1,780 and the $1,800 liquidity pocket could expose higher targets near $1,856. Conversely, failure to defend the $1,700 support level could shift focus to the $1,620 area and eventually the June low near $1,507.