Arthur Hayes moved further into Ethereum this week, acquiring 1,290 ETH for approximately $2.5 million through FalconX. The transaction followed a prior deposit of funds, indicating a planned accumulation rather than a spontaneous trade.

🚨ARTHUR HAYES ADDS ANOTHER $1.2M IN $ETH ! BitMEX co-founder Arthur Hayes bought 645 $ETH . Since July 15 he has accumulated a total of 3,915 $ETH worth $7.47M at an average price of $1,909, according to Lookonchain data. The position is currently down about $113K. pic.twitter.com/rD4bqin5r9 — Crypto Banter (@crypto_banter) July 26, 2026

Hayes, the BitMEX co-founder, has previously entered positions during periods of market uncertainty. His latest purchase drew attention because ETH was still trading below important resistance levels at the time, with market watchers assessing whether the move reflected confidence in Ethereum’s current price range.

According to the Crypto Banter post citing Lookonchain data, Hayes bought an additional 645 ETH and had accumulated 3,915 ETH since July 15, worth $7.47 million at an average price of $1,909. The position was down about $113,000 at the time of the post.

Exchange data showed positive spot netflows of $5.58 million, meaning more ETH moved onto exchanges than off them. Such flows can indicate that some holders are preparing to sell, though the figure remained limited compared with earlier spikes recorded this year. That made the exchange-flow reading a counterpoint to Hayes’ accumulation rather than a clear directional signal on its own.

Futures Data Shows Rising Open Interest

Derivatives market data also showed increased activity. Open Interest rose 2.2% to $11.97 billion, indicating new capital entering futures markets. Funding Rates climbed 3,092% over 24 hours to 0.003479, showing that long-positioned traders were paying a premium to maintain exposure.

Open interest and funding are closely watched because they show how much leverage is building around a move. Rising open interest alongside positive funding can reflect stronger demand for long exposure, but it can also make price action more sensitive if positions are unwound.

Analyst Ali Charts said $1,580 had been the key buying level, noting that ETH had gained more than 20% since testing that multi-year support zone.

$1,580 was the level to buy. Ethereum $ETH has now gained more than 20% since testing its multi-year support. pic.twitter.com/q5UL7Vkeye — Ali Charts (@alicharts) July 26, 2026

Spot Ethereum ETFs added another data point for traders tracking institutional flows. According to Wu Blockchain, the products recorded $104 million in net inflows for the week of July 20–24, marking a third consecutive week of positive flows. ETF inflows are watched separately from exchange balances because they can reflect regulated product demand rather than direct trading activity on crypto venues.

Analysts Compare ETH With Prior Market Cycles

Several analysts also highlighted longer-term Ethereum price structures. Crypto Patel shared a two-week chart comparing ETH’s current setup with the cycles that peaked in 2017 and 2021. Those earlier structures included a rally, a correction and an accumulation phase before another expansion.

Patel’s chart marked $10,000 as a significant long-term level and showed a broader possible peak range between $16,000 and $22,500, based on the historical cycle comparison.

If you doubt Ethereum today, Then the chart will humble you tomorrow. $ETH pic.twitter.com/Mh0pGTXlby — Crypto Patel (@CryptoPatel) July 25, 2026

Analyst Freedom By 40 published a monthly chart pointing to a possible $20,000 target by 2028. That projection was based on a potential 1,900% move from the lower boundary of ETH’s current range.

Both long-term analyses depend on ETH continuing to hold support between $1,000 and $1,350 and eventually breaking above its previous record high near $4,800. Historical-cycle comparisons can help frame possible scenarios, but they do not account for all current market variables, including ETF flows, derivatives positioning and changes in liquidity.

ETH was trading near $1,864 at the time referenced in the source, with immediate support at $1,830 and resistance at $1,945. The next major upside level was identified at $2,145 if buyers continue to hold key levels.