Ethereum (ETH) Price: Arthur Hayes Sells 6,000 ETH at a Loss as Whales Buy the Dip

TLDR

• Arthur Hayes sold 6,000 ETH at $1,690, locking in a $606,000 loss after buying at an average of $1,793
• Hayes accumulated roughly $10.6 million worth of ETH over recent days before offloading
• K3 Capital and a Chun Wang-linked wallet bought over 17,000 ETH combined during the same period
• Ethereum is trading near $1,700, close to the 78.6% Fibonacci retracement support level
• Technical indicators including RSI and MACD remain bearish, with a key liquidity cluster near $1,800

BitMEX co-founder Arthur Hayes sold 6,000 Ethereum at a loss this week, even as other large investors added to their positions near a key support zone.

According to blockchain tracking platform Lookonchain, Hayes accumulated around 5,900 ETH over recent days at an average price of $1,793 per token, spending roughly $10.58 million in total.

He then sold 6,000 ETH at an average price of $1,690, bringing in about $10.14 million. That puts his estimated loss at around $606,000.

The move was unusual for Hayes. He is generally known for buying assets at lower prices and selling higher. Selling at a loss has raised questions among traders watching his on-chain activity.

Whales Continue Buying While Hayes Exits

Not everyone pulled back at the same time. Lookonchain data shows that other large holders were actively accumulating ETH around the same support zone.

Investment firm K3 Capital withdrew 10,000 ETH worth approximately $16.9 million from Binance. A wallet linked to entrepreneur Chun Wang also picked up 7,650 ETH valued at nearly $12.9 million.

Together, those two purchases account for more than 17,000 ETH, signaling that some large players see current prices as a buying opportunity.

This comes after a wallet connected to Hayes received 3,000 ETH worth about $5.42 million from market maker Flowdesk on June 15, during a brief market rally tied to easing tensions in the Middle East.

Where Ethereum Stands Technically

Ethereum was trading near $1,700 at the time of writing, well below its April peak above $2,400 and its June low near $1,507.

On the daily chart, ETH is sitting close to the 78.6% Fibonacci retracement level near $1,703. This is a level traders often watch for signs of stabilization after a sharp decline.

The daily RSI remains below 50, and the MACD is still below the zero line. Both suggest buyers have not yet taken control of the trend.

Key Price Levels to Watch

Liquidation heatmap data from CoinGlass shows heavy liquidity clustered between $1,780 and $1,820, with a large concentration near the $1,800 mark.

Analyst Team LAMBO noted on June 19 that Ethereum has developed a clear trading range between roughly $1,500 and $1,800. A break beyond either boundary could set the direction for the next move.

On the 4-hour chart, ETH remains below a descending trendline that has held since early May. The Supertrend indicator continues to point bearish.

A push above $1,780 to $1,800 resistance could open the door toward $1,856. If support at $1,700 breaks, the next areas of focus would be $1,620 and the June low near $1,507.

Hayes has also recently sold his Worldcoin, Hyperliquid, and NEAR token holdings, adding to the cautious mood around his broader crypto positioning.

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