Arthur Hayes has added to his Ethereum holdings, purchasing 1,290 ETH worth approximately $2.5 million after moving funds to Cumberland and FalconX, according to on-chain data cited by Onchain Lens.

The acquisition comes as Ethereum trades just below the $1,900 resistance area, a level analysts are watching closely as ETH attempts to extend its recovery. Market participants are focused on whether Ethereum can move above that zone and set up a possible test of the $2,000 level.

BitMEX founder Arthur Hayes is accumulating $ETH . He completed the purchase of 1.29K $ETH (~$2.5M) using funds he deposited to Cumberland and FalconX 3 days ago. Address: 0x6cd66DbdFe289ab83d7311B668ADA83A12447e21 pic.twitter.com/sF4cwUQSSa — Onchain Lens (@OnchainLens) July 26, 2026

Hayes, the BitMEX co-founder, completed the purchase using funds he had deposited with the trading firms three days earlier, Onchain Lens said. The wallet address cited in the post was 0x6cd66DbdFe289ab83d7311B668ADA83A12447e21. Cumberland and FalconX are widely used crypto trading and liquidity venues, which is why transfers involving those firms are often tracked when large wallets reposition funds.

Ethereum remains below a key resistance level

Ethereum has been recovering from its June lows while forming higher lows through July, according to the price chart referenced in the source material. Even so, the rebound has paused below the $1,900 resistance zone, where sellers have repeatedly capped upward momentum.

Market analyst Ted Pillows said reclaiming $1,900 could trigger a move toward $2,000 in the near term. If Ethereum breaks above that level, the next resistance area would sit near $2,200, followed by a broader supply zone around $2,400.

If ETH fails to hold its current support, the asset could face another decline toward $1,700. A deeper correction could bring support around $1,550 back into focus if selling pressure increases.

The current setup leaves traders watching whether ETH can turn $1,900 from resistance into support. A sustained move above that level would be needed before Ethereum attempts to extend toward $2,000, while another rejection would keep the asset inside its current trading range and raise the possibility of renewed tests of lower support.

Smart contract deployments show continued network activity

Ethereum’s network activity has also remained active despite recent price volatility. Messari data cited in the source showed several spikes in new smart contract deployments during July, including one surge that exceeded 300,000 new contracts.

Daily contract creation can vary significantly, but the continued deployment activity indicates that developers are still building on Ethereum while ETH remains range-bound. Smart contracts are the core infrastructure behind Ethereum-based applications, including decentralized finance protocols, token issuance, and other on-chain services. Developer participation is often viewed as a sign of ongoing ecosystem growth, separate from short-term token price movement.

The combination of Hayes’s ETH purchase, continued smart contract deployment, and Ethereum’s position near a major resistance level has kept attention on the asset’s next technical move. The single transaction does not determine market direction, but large purchases near widely watched levels often receive additional scrutiny from traders and analysts.

For now, Ethereum remains below $1,900 as market watchers track whether buying pressure is sufficient to push ETH above resistance and toward the $2,000 area. If the level holds as resistance, ETH would remain vulnerable to another move back toward lower support zones.