Hayes Reverses ETH Position After $5M USDC Transaction

Arthur Hayes, a well-known figure in the crypto space, made a significant move by repurchasing Ether (ETH) after selling some of his holdings two days prior. According to blockchain news, he sold 2,364 ETH at $1,821 and then bought back 2,675.6 ETH at $1,869 through an over-the-counter (OTC) transaction using 5 million USDC. This move effectively reversed his position at a higher level.

The current price action on the four-hour chart has ETH trading at $1,866.82 within the Bollinger Bands. The upper resistance is at $1,911.47, while the lower support is at $1,833.87. The 50-Exponential Moving Average (EMA) is capping upside at $1,885.08, and the 200-EMA offers a deeper floor at $1,830.14.

The Moving Average Convergence Divergence (MACD) has given a golden cross signal, indicating building momentum. However, the Relative Strength Index (RSI) is sitting at 46.35, which keeps the structure neutral for now. This could lead to a test of the 50-EMA before any sustained push higher.