Ethereum’s price rallied above $1,900 on Tuesday, joining a broader market uptick. Former BitMEX CEO Arthur Hayes purchased over $2.5 million worth of ETH, continuing a pattern of buying during price surges and selling during corrections. Data from Lookonchain shows Hayes bought 1,332.5 ETH, his second multi-million-dollar accumulation in a week. Other whales also made substantial purchases, with one spending $20 million on 10,501 ETH. Analysts have offered mixed forecasts, with some predicting a rise toward $2,300 and others targeting long-term highs between $10,000 and $20,000.
Ethereum’s price climbed above $1,900 on Tuesday for the second time in the past week, joining the broader market rally. Data from Lookonchain shows wallets linked to former BitMEX CEO Arthur Hayes spent over $2.5 million to acquire 1,332.5 ETH.
This marks Hayes’ second multi-million-dollar Ethereum accumulation in the past week. As Lookonchain reported on July 16, he bought 1,293 ETH for the same amount when the asset traded above $1,900. That purchase came shortly after he had sold over $10 million worth of ETH at prices below $1,700.
Hayes continues to acquire more ETH tokens when the asset rallies but tends to dispose of them during corrections. Separately, Lookonchain added that Ethereum whales have gone on a substantial accumulation spree. One whale purchased roughly $13.5 million worth of the asset, while another spent $20 million to buy 10,501 ETH. A third whale withdrew 12,800 ETH from Binance.
Analyst KALEO believes ETH will rise toward $2,300 within the next month. However, he suggested it might dump harder in September toward new multi-year lows of $1,200. Analyst Crypto Patel noted that ETH is “trading where long-term wealth is often built.” He pointed out the $1,200-$1,800 range as the accumulation zone, outlining targets between $10,000 and $20,000 for the next bull cycle.
Analyst Merlijn The Trader outlined a similar development from 2017 that drove the asset toward new highs. He added that “those who had given up on ETH are about to learn why the last holders won in 2017.” His analysis focuses on ETH’s movements against BTC, noting that a surge past 0.029 would solidify the setup, but a dump below 0.026 would invalidate it.
