- Ethereum is retesting a long-term ascending support line that has appeared near past cycle bottoms.
- Analysts believe a successful hold could open the door to a larger ETH recovery toward $5,000-$6,000.
- Arthur Hayes has reportedly bought 1,500 ETH, adding fresh attention to whale accumulation.
Ethereum is back at a level that traders are watching very closely. After months of uneven price action and mixed market sentiment, ETH is now retesting a long-term ascending support trend line that has historically appeared near important cycle lows.
At the time of writing, Ethereum is trading around $1,737.12, with 24-hour trading volume near $14.16 billion and a market capitalization of roughly $209.62 billion. The price has shown signs of stability over the past day, but the bigger question is whether this support zone can actually hold.
Ethereum Retests Long-Term Support
According to crypto analyst Kamran Asghar, Ethereum is once again pressing into a key rising support line that has helped define previous major lows. This trend line connects a series of higher lows across the broader market structure, suggesting that buyers have historically stepped in when ETH returns to this area.
That makes the current retest important.
If buyers defend the level, Ethereum could begin building the foundation for a stronger recovery. But if the support fails, sentiment could weaken quickly, especially since the broader market is still dealing with macro uncertainty and uneven liquidity conditions.
For now, this is where bulls and bears are meeting head-on.
Analysts Eye a Possible Move Toward $5K-$6K
The bullish argument is based largely on history. In earlier cycles, similar retests of long-term support came before major Ethereum rallies, especially once accumulation began to increase.
If that pattern repeats, analysts believe ETH could eventually target the $5,000 to $6,000 range later in the cycle. That would require stronger market conditions, renewed liquidity, and continued buying from both retail and institutional investors.
Of course, nothing is guaranteed here. Ethereum still needs confirmation, not just a hopeful chart setup. A clean bounce from support, stronger volume, and improving market structure would all help make the bullish case more believable.
Arthur Hayes Returns With Large ETH Purchase
Adding to the discussion, on-chain data from Lookonchain shows that BitMEX founder Arthur Hayes recently bought around 1,500 ETH worth approximately $2.63 million.
The transaction quickly caught attention across crypto communities, especially among traders who track whale activity for possible market signals. Large purchases from well-known investors often spark debate because they can suggest confidence, even if they do not always mark a clear bottom.
Hayes has not publicly explained the reason behind the purchase. Still, the timing is interesting. Ethereum is currently navigating a difficult macro backdrop, shifting liquidity expectations, and a critical technical support test.
Whale Buying Adds Confidence, But Caution Remains
Some analysts see Hayes’ ETH purchase as a bullish signal. They argue that major investors tend to accumulate when they believe the market is undervalued or preparing for a larger move.
Others are more cautious. One wallet purchase, even from a high-profile figure, does not automatically confirm a trend reversal. Markets need broader confirmation, and Ethereum still has to prove that buyers can defend current levels.
That said, whale accumulation does add another layer to Ethereum’s current setup. Between the long-term support retest, improving stability, and renewed large-holder interest, ETH is giving bulls something to work with.
For now, the $1,700 area remains the line to watch. If Ethereum holds and momentum improves, the path toward higher targets could begin to open. But if support breaks, the bullish $5,000-$6,000 outlook may need more time before it comes back into focus.
