Ethereumjul 21, 2026

Ethereum Tests $1,869 as Bulls Eye $1,938 EMA, Hayes Adds to ETH Stack

ETH holds $1,869 with the 100-day EMA at $1,938 in focus, as Arthur Hayes's fresh purchases add fuel to bull-market talk.

Ravi Nair

Bitcoin & Mining. Ravi follows hashrate, halvings and

2 min read

Ethereum Tests $1,869 as Bulls Eye $1,938 EMA, Hayes Adds to ETH Stack

Ethereum is changing hands around $1,869, with traders watching whether the token can clear a key technical ceiling: the 100-day exponential moving average, currently sitting near $1,938. A confirmed close above that level is the level bulls are pointing to as the trigger for the next leg higher.

Why $1,938 matters

The 100-day EMA is a widely tracked medium-term trend indicator. When price trades below it, as ETH currently does, the average tends to act as overhead resistance and reinforces bearish momentum on rallies. A decisive break and hold above $1,938 would flip that dynamic, turning the average into support and giving technical traders a signal that the medium-term downtrend has been interrupted.

At $1,869, ETH sits roughly 3.7% below that EMA level, meaning the gap bulls need to close is relatively narrow. That proximity is part of why the setup is drawing attention from chart watchers this week, even as the broader market remains cautious.

Hayes adds to his ETH position

Separately, BitMEX co-founder Arthur Hayes has made additional purchases of ETH, a move analysts are reading as a signal of institutional confidence in Ethereum heading into the next phase of the market cycle. Hayes has previously been vocal about Ethereum’s positioning relative to Bitcoin, and his continued accumulation is being cited alongside broader arguments that institutional demand could be a primary driver of Ethereum’s next bull run.

Taken together, the technical setup around the 100-day EMA and Hayes’s fresh buying give traders two distinct but related data points: a chart level that could confirm or deny near-term bullish momentum, and a high-profile accumulation signal that suggests some large players are positioning ahead of any breakout.

What it means for holders and traders

For ETH holders, the $1,938 level is the number to watch on any rally attempt. A clean close above it would be the first concrete technical evidence that the recent downtrend is losing force, while a rejection at that level would keep the token range-bound and reinforce the case that resistance remains firmly in place.

For traders tracking flows rather than charts, Hayes’s continued buying adds a data point to the argument that institutional appetite for Ethereum has not disappeared, even with spot price well below prior highs. Neither signal guarantees direction, but together they frame the key levels and players shaping ETH’s next move.