Ethereum Price Prediction: Hayes Dumps 6K ETH as Analyst Watch $1,500 Support

Ethereum price remains under pressure after BitMEX co-founder Arthur Hayes sold 6,000 ETH while the asset traded near a key support zone around $1,700.

The sale came as Ethereum lost the $1,800 level and returned to a range that many analysts view as critical for the next directional move. While Hayes reduced exposure, several large investors continued accumulating ETH, creating mixed signals for the market.

Arthur Hayes Exits Ethereum Position at a Loss

BitMEX co-founder Arthur Hayes sold 6,000 Ethereum at $1,690 per coin, Lookonchain reported. The transaction was worth $10.14 million and came after Hayes had bought ETH over the past few days. His purchases totaled 5,900 ETH, worth about $10.58 million, at an average price near $1,793.

The sale left Hayes with an estimated loss of about $606,000 on the recent ETH position. Market watchers noticed the move because Hayes often attracts attention for large crypto trades. The sale also came during a weak session for Ethereum, which tested lower levels after failing to hold above $1,800.

ETH Price Tests the $1,700 Support Zone

The Ethereum price traded near $1,700 after touching a 24-hour low of around $1,670. The move placed fresh attention on the $1,700 to $1,750 range, which analysts now view as the main short-term defense for buyers. A break below that area could open a path toward the recent $1,500 region.

Analyst Ted Pillows noted that ETH crypto could attempt a recovery toward $1,900 if buyers defend support. He also pointed to $1,500 as the next support area if selling pressure grows. This setup has made the current range important for traders who track Ethereum price prediction levels.

Ethereum price also lost the $1,800 psychological level during the latest decline. That price area had helped support market confidence in recent weeks. A move back above $1,800 could help ETH crypto challenge the $2,000 to $2,100 area, while another failure could keep pressure on the market.

ETH Whale Buying Counters Hayes Sale

Hayes’ sale did not stop other large holders from adding Ethereum. Lookonchain data showed that K3 Capital withdrew 10,000 ETH, worth about $16.92 million, from Binance. A wallet linked to Chun Wang also bought 7,650 ETH, worth about $12.93 million.

These purchases show mixed positioning among large Ethereum holders. Hayes reduced exposure after recent buying, while other whales moved ETH away from exchanges or added to their holdings. The split creates a cautious backdrop as traders wait for a clear move around the current support zone.

On-chain data also shows a continued fall in Ethereum exchange reserves. CryptoQuant data showed that the balance has dropped to about 14.6 million ETH. Lower exchange reserves often show that holders move coins into private wallets, which can reduce the supply available for immediate sale.

ETH Price Technical Picture Stays Weak

Ethereum still trades inside a long-term descending channel after months of lower price action. The asset also remains below the 100-day and 200-day moving averages on the daily chart. These levels show that sellers still control the broader trend until ETH reclaims stronger resistance zones.

The main resistance area now sits between $2,000 and $2,200. That zone includes a supply area and the 100-day moving average. ETH would need a stronger move through that region to shift the market structure away from lower highs.

Short-term charts show a more balanced setup after the rebound from the $1,500 area. Ethereum formed higher lows before sellers stopped the move near $1,850. If ETH crypto holds the rising support line, buyers may try another push toward $1,850 and $1,900.