Ethereum Price Continues to Soar as Arthur Hayes Buys Back ETH at $4150, Says He Won’t Sell Again

ETH price has pumped 5.61% in the last 24 hours, to trade at $4,252.91, on a 14.2% increase in the daily trading volume, to $48.18 billion.

Ethereum Price Jumps As Arthur Hayes Buys Back ETH

Ethereum’s price has been climbing fast. It recently went above $4,200 after a strong rally. One big reason for the excitement is Arthur Hayes, co-founder of BitMEX. He bought back $10.5 million worth of ETH at prices above $4,150. This is much higher than the $3,500 he sold at earlier.

Hayes posted on social media that he “pinky swears” not to sell again. This shows he is confident in Ethereum’s future. Many traders see this as a bullish signal for ETH.

Ethereum’s strong fundamentals are also helping. Institutional money is still flowing in. US-based Ethereum ETFs are attracting interest. Legal clarity is improving, and big companies are starting to hold ETH in their treasuries.

Additionally, network upgrades are a factor. The Dencun upgrade earlier in 2024 cut costs on Layer-2 networks. The upcoming Pectra upgrade will make staking easier. Many expect this will attract even more long-term holders.

Ethereum Surpasses Bitcoin as Network Activity Peaks

Ethereum’s spot trading volume is now higher than Bitcoin’s. ETH trading reached $25.7 billion, while Bitcoin was at $24.4 billion. This is the first time since June 2024 that Ethereum has stayed ahead. Many see this as a sign of an upcoming altcoin season.

The ETH/BTC price ratio is also at its highest since January. This points to rising demand and growing investor interest.

Exchange reserves are falling too. Only 18.8 million ETH remain on exchanges, the lowest ever recorded. More coins are being moved into long-term storage. This reduces the supply available for trading. Lower supply and higher demand often push prices up.

Ethereum’s network activity is also strong. Daily transactions have hit record levels. The number of active addresses is rising quickly. This shows more people are using the Ethereum network than ever before.

Daily Active ETH Addresses Source: Etherscan

Ethereum Price Targets $4,400 With Key Support at $3,950

Ethereum price recently broke through the $4,000 barrier, setting new highs for the year. After this breakout, ETH climbed fast and reached around $4,180. The rally picked up speed after Ethereum moved past the $3,670 and $3,910 resistance levels. 

Both of these now act as support if the price drops back down. The $3,950–$4,000 area is very important. It used to be a strong resistance, but now it’s become a key support zone. This is where new buyers might step in if the market cools.

 If ETH falls under $3,950, the next big supports are close to $3,800 and then $3,750. If Ethereum can break above the $4,200 mark, it might move quickly toward $4,400, and possibly even higher. The next targets for bulls are $4,100 and then $4,400. 

ETHUSD Analysis Source: Tradingview

Should the bullish momentum stay strong, levels like $5,000 could be reached in the coming months. The MACD line is above the signal line, which is a classic sign that buyers remain in control. The positive gap between the MACD and signal lines suggests ongoing buying momentum as the price climbs above $4,200.

The histogram, which displays the distance between the MACD and signal lines, is in positive territory. Green bars are growing in height, showing that bullish momentum is strengthening. This confirms that upward movement is supported by powerful trend acceleration.

ETH is trading well above the main moving averages. The RSI is at 63, which means buyers are in control, but it’s not yet in the overbought zone, so there could be more room to rise.