ETH Faces Pressure Near $1,700 as Hayes Exits 6,000 ETH at $606K Loss

Ethereum remains under pressure near the $1,700 zone on June 20 after BitMEX co-founder Arthur Hayes sold 6,000 ETH at roughly $1,690. The trade locked in an estimated $606,000 loss following his recent purchase of 5,900 ETH near $1,793. Earlier on June 19, the sale initially sparked bearish sentiment as ETH briefly touched a 24-hour low of $1,670 and tested the 78.6% Fibonacci retracement at $1,703. Despite the high-profile exit, on-chain data showed continued whale accumulation, including K3 Capital’s 10,000 ETH withdrawal from Binance and a Chun Wang-linked wallet’s 7,650 ETH purchase. Technical indicators stay weak, with resistance at $1,780-$1,820 and downside risks toward $1,620 and $1,507.