ETH is currently around 1928u, and on-chain activity is surging even faster than the price

Over the past two weeks, the price has climbed from 1770u to 1903u. The increase isn’t particularly extreme, but over the same period, the number of new smart contract deployments is nearly double the average level of the past 90 days—just this week alone it has jumped by nearly 60%. This kind of mismatch between on-chain activity and the price increase doesn’t really resemble a typical accumulation or distribution phase

Leverage is rising in parallel as well. Both exchange liquidity and leveraged trading volume are pushing higher, indicating that market attention to ETH is genuinely heating up—not just a simple price rebound

One notable development from a large holder is worth mentioning: Arthur Hayes has added to his position again over the past two days via over-the-counter channels. In this latest wave, he has accumulated more than 2,600 ETH, with a cost basis around 1900u. He only cut and sold about 6,000 ETH at the end of June, and now he has turned back and returned. Positions entered through OTC channels such as Galaxy Digital and FalconX won’t directly push the order-book price, but it does show that large capital is placing bets at this level

On the technical side, the 100-day moving average is at 1936u, and the Fibonacci 0.5 level is around 1940u. These two levels are stuck together, forming a hurdle. If price breaks above them, it could open the way toward higher targets of 1940u and even 2042u

If it can’t break above it, it may pull back to the cluster of the 20-day and 50-day moving averages around 1825u to 1830u, and then keep grinding until the results of the July 29 U.S. Federal Reserve meeting come out to provide direction #eth $ETH