Key Takeaways
Ethereum held above the $1,745 support level on July 29 as a whale purchased $14.6 million worth of the token and Morgan Stanley listed a spot Ethereum ETP on NYSE Arca, with traders watching the $2,000 resistance zone for a potential breakout.
"Whales sold or redistributed 226,435 ETH over the past 24 hours, marking one of the largest spikes in whale activity seen recently," Ali Martinez, an on-chain analyst at Ali Charts, said on X. "I'm watching $1,733 closely. Losing that support could put the current bullish outlook on hold."
ETH traded at $1,898.91 as of 08:40 UTC, down 1.09% on the day after touching an intraday high of $1,926.52, according to CoinGecko data. The 20-day exponential moving average at $1,865 and the Bollinger midline at $1,872 have converged into a support band, with the 0.382 Fibonacci level at $1,837 serving as the next floor. On the upside, the 100-day EMA at $1,931 and the 0.5 Fibonacci at $1,939 form a resistance cluster that has rejected multiple recovery attempts through July.
Morgan Stanley expanded its crypto product suite on July 28, listing Ethereum and Solana ETPs on NYSE Arca under a 0.14% management fee, according to a press release. The products give investors regulated exposure through a standard brokerage account — the same model the bank used for its Bitcoin ETP, which has accumulated over $400 million in cumulative inflows since launch. The ETH product joins BlackRock's ETHA, Fidelity's FETH, and eight other spot ETH products already trading on US exchanges.
The whale activity flagged by Ali Charts coincided with separate accumulation by BitMEX co-founder Arthur Hayes, who bought an additional 3,298 ETH for about $6.39 million shortly before the news, according to Lookonchain data. From July 15, Hayes has accumulated 7,213 ETH for approximately $13.87 million at an average price of $1,923 per token, leaving his position underwater by about $301,000 at current prices.
Analyst Merlijn The Trader argued that the June breakdown to $1,520 was a deliberate shakeout designed to clear out buyers who accumulated in the $1,745 to $2,500 range over four months. With price back above $1,860, he described the current phase as the beginning of an expansion leg, with a weekly close below $1,550 as the only invalidation.
The $1,837 to $1,872 zone represents the immediate battleground. A break above the 100-day EMA at $1,931 would open the path toward the 0.618 Fibonacci at $2,042, while a loss of the $1,837 support could trigger a retest of Ali Charts' $1,733 level and the lower Bollinger band at $1,773.
This article is for informational purposes only and does not constitute investment advice.
