Ethereum (ETH) is currently trading around $1,700, following a modest gain of +2.5% over the past 24 hours. This increase comes in the wake of weeks dominated by negative sentiment and ongoing quarterly losses.
Recent on-chain data reveals that accumulation addresses have purchased over 1.11 million ETH within just one week, marking the highest rate of accumulation recorded this year. In contrast, exchange net inflows have reached 178,900 ETH, indicating that many holders are moving their assets onto exchanges, likely in preparation for selling.
Adding to the intrigue, a wallet potentially linked to BitMEX co-founder Arthur Hayes acquired 3,000 ETH, valued at approximately $5.42 million, from market maker Flowdesk on June 15. This significant purchase was highlighted by on-chain tracker Lookonchain, raising questions about Hayes’s future market strategies.
Historically, Hayes has maintained Bitcoin and Ethereum as core holdings, even as he liquidated positions in assets like Hyperliquid, Near Protocol, Worldcoin, and Zcash, which he described as a “defensive macro de-risking” strategy in a recent essay. His confidence in Ethereum remains strong; in a June 2026 thesis, he posited that ETH could reach between $10,000 and $20,000 by the cycle’s end, spurred by macro liquidity expansion.
Macro Factors at Play
The timing of Hayes’s purchase is notable, coinciding with President Trump’s announcement of a US-Iran peace deal that will reopen the Strait of Hormuz. Following this news, Bitcoin surged by 3.5% to $66,570, while the total cryptocurrency market cap increased by 2% within 24 hours. Conversely, crude oil prices dipped by 5.13%, settling at $80.53 per barrel.
Analyst DaanCrypto remarked on social media that ETH is attempting to reclaim its February high, stating that for bulls to maintain momentum, a successful close above current levels is essential, with $1,750 identified as a key short-term resistance area.
$ETH Attempting to break back above its February high turning this breakdown into a big deviation. Bulls need to close the daily up here and consolidate and then this would be looking good for further upside. Key area in the short term is $1750. https://t.co/pixcKRQ0Py
— Daan Crypto Trades (@DaanCrypto) June 15, 2026
Market analysts are closely monitoring the price action, noting a sell wall between $1,680 and $1,700. A decisive close above $1,739 could signal a shift in momentum, with subsequent resistance levels at $1,800 to $1,850. If Ethereum can sustain prices above $1,800, targets could cluster around $1,920, $2,000, and $2,116, while support levels are established between $1,620 and $1,665.
The recent purchase by the Hayes-linked wallet stands as the most significant on-chain activity surrounding Ethereum, suggesting a potential shift in market dynamics as stakeholders react to both macroeconomic events and emerging trading patterns.
