Arthur Hayes added to Ethereum’s accumulation narrative after acquiring 1,290 ETH worth approximately $2.5 million through FalconX. According to the source, Hayes deposited funds before completing the purchase, pointing to a deliberate accumulation move rather than a short-term speculative trade.

The transaction drew attention to institutional and high-value wallet participation, as Hayes has previously entered positions during periods of market uncertainty. His latest purchase also came while Ethereum was trading below major resistance, indicating that some large investors continued to view current levels as attractive.

Still, one whale transaction does not determine market direction on its own. Instead, the purchase added to the broader confidence being tracked by market participants, who continued watching whether other high-value wallets would make similar accumulation moves in the following sessions.

Exchange inflows complicate Ethereum’s outlook

Ethereum’s spot flow data presented a more balanced picture, despite Hayes’ large purchase.

The latest data showed positive spot netflows of $5.58 million, meaning more ETH moved onto exchanges than left them during the most recent session. That shift suggested that some holders may have been preparing assets for potential selling rather than moving them into longer-term storage.

However, the inflow was still relatively modest compared with earlier spikes during the year that exceeded hundreds of millions of dollars. As a result, immediate selling pressure appeared contained rather than overwhelming.

Even so, the return to positive netflows interrupted the recent pattern of exchange outflows that had supported Ethereum’s recovery. Exchange flow data is closely watched because rising exchange balances can increase available supply, while sustained outflows often signal reduced near-term sell-side liquidity. That made the spot market picture less one-sided, even as accumulation from a prominent buyer attracted attention.

Futures positioning shows stronger bullish exposure

Derivatives traders continued to support Ethereum despite the modest increase in exchange supply.

Open Interest rose 2.2% over the past day to 11.9745B, indicating that fresh capital was entering futures markets rather than existing positions simply being closed. At the same time, Funding Rates climbed to 0.003479 after surging 3,092.02% within 24 hours.

Those figures showed that long-position holders were willing to pay higher costs to maintain bullish exposure. The data suggested leveraged traders expected Ethereum’s recovery to continue rather than reverse immediately.

However, higher Funding Rates also pointed to increasingly crowded long positioning, which can increase volatility if prices move sharply. In that environment, traders often watch whether Open Interest keeps rising alongside price action or begins to unwind, because leveraged positioning can amplify moves in either direction. Even with that risk, derivatives data remained broadly aligned with Hayes’ accumulation, reinforcing confidence across speculative markets.

Ethereum faces resistance near $1,945

Ethereum [ETH] continued to extend its rebound from the June low near $1,564, bringing resistance at $1,945 back into focus after several weeks of higher lows.

Buyers maintained control during the recovery, although sellers defended the $1,945 region and triggered another rejection. The chart also identified $1,830 as immediate support, while $2,145 remained the next major upside target if buyers regained higher ground.

DMI readings supported the improving trend structure. The +DI stood at 25.51, above the -DI at 18.48, while the ADX measured 22.29, indicating that trend strength was gradually improving. Because ADX measures trend strength rather than direction, the positive directional reading remained important in confirming that buyers still had the advantage.

As a result, buyers remained in control even though resistance continued to limit further gains. If Ethereum reclaimed $1,945 with sustained demand, the price could challenge $2,145. However, another rejection would likely send ETH back toward the $1,830 support before buyers attempted another breakout.

Hayes’ purchase strengthened Ethereum’s accumulation story despite renewed exchange inflows. Meanwhile, bullish futures positioning and improving trend strength kept attention on whether spot flows, leverage, and the $1,945 resistance area would continue to align in Ethereum’s favor.