Ethereum Price Today: $3,040
- SharpLink surpassed the Ethereum Foundation to become the top corporate holder of ETH with over 280,000 ETH.
- Ethereum ETFs have accumulated $1.3 billion in net inflows over the last seven trading days.
- ETH is reattempting a breakout above a key ascending trendline resistance.
Ethereum (ETH) defied a broader market correction on Tuesday, gaining 2%. This surge followed SharpLink Gaming’s announcement that it had significantly increased its ETH holdings to over 280,000 ETH.
SharpLink Overtakes Ethereum Foundation in ETH Treasury Holdings
Nasdaq-listed SharpLink Gaming (SBET) has become the largest corporate holder of ETH, surpassing the Ethereum Foundation. This shift occurred after SharpLink acquired 74,656 ETH for $213 million last week, according to a press release. Including staking rewards of 94 ETH, the company now holds a total of 280,706 ETH.
SharpLink stated that the purchase was made possible by $413 million raised from selling 24.5 million shares of its common stock through its At-The-Market (ATM) facility. The company still has $257 million from these proceeds earmarked for future ETH purchases.
Notably, 10,000 ETH of the recent acquisition came from an over-the-counter (OTC) deal with the Ethereum Foundation.
The Minnesota-based firm initiated its ETH treasury strategy in May, following a $425 million private placement led by Consensys. Consensys CEO, Joseph Lubin, subsequently became chairman of SharpLink’s board.
Several publicly traded, low-capitalization companies have shown increasing interest in Ethereum. Former Bitcoin miners Bit Digital (BTBT) and BitMine (BMNR) are among those pivoting towards an Ethereum treasury strategy.
This growing interest in ETH coincides with strong inflows into spot ETH ETFs in the U.S. These products saw $259.04 million in net inflows on Monday, extending their positive streak to seven consecutive trading days, totaling over $1.31 billion, according to data from SoSoValue.
Ethereum Price Forecast: ETH Eyes Breakout Above Ascending Trendline Resistance
Ethereum experienced $136.5 million in futures liquidations in the past 24 hours, with $82.63 million in long positions and $53.87 million in short positions being liquidated, according to Coinglass data.
ETH’s price has remained relatively stable since reclaiming the $3,000 level last Thursday. The leading altcoin is currently attempting to break above a key ascending trendline resistance near $3,100 on the weekly chart.
If ETH sustains a strong move above this resistance, it could potentially rally 17% towards $3,600. However, it must first overcome key obstacles at $3,220 and $3,470 for such a move to materialize.
Conversely, ETH could find support near $2,850 if bears overpower bulls at $3,000. Further down, the $2,500 level could provide a price bounce if ETH falls below $2,850.
The Relative Strength Index (RSI) is above its neutral level, while the Stochastic Oscillator (Stoch) has crossed into overbought territory. This indicates dominant bullish momentum, but also suggests the potential for a short-term pullback due to overbought conditions in the Stoch.
A weekly close below $2,500 would invalidate the bullish outlook.
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