Ethereum Nears $3,900 Amid SharpLink's $295M ETH Buy
Ethereum (ETH) is surging, getting closer to its previous all-time high and surpassing the $3,900 mark. This rally follows Sharplink Gaming's strategic purchase of an additional $295 million worth of ETH as part of its treasury plan.
Ethereum Price Surges Amid Fresh Sharplink Purchase
According to CoinMarketCap data, the Ethereum price has increased by 2.87% over the last day, exceeding $3,900. The rally aligns with a sharp increase in ETH’s daily trading volume, which jumped 26.6% to $30 billion.
Sharplink Gaming’s recent acquisition, adding 77,210 ETH (approximately $295 million) to its holdings, is a key factor in this price increase. Just weeks before, Sharplink made its largest weekly purchase, acquiring almost 80,000 Ethereum for about $258 million at an average price of $3,238.
Technical signals also suggest continued bullish momentum for ETH. The MACD histogram has risen to +21.93, while the RSI-14 is at an overbought level of 81.75, indicating strong demand.
The Ethereum price is now targeting the next significant extension target at $4,284 after decisively breaking through the 61.8% Fibonacci retracement level near $2,950.
Sharplink Continues Aggressive Ethereum Accumulation
Sharplink (Nasdaq: SBET) has been steadily increasing its position as a major Ethereum treasury holder. Lookonchain data shows Sharplink completed another substantial ETH purchase for $295 million, bringing its total holdings to over 438,000 ETH, worth nearly $1.7 billion.
This follows the firm receiving $145 million USDC stablecoins from Circle, reportedly transferred to Galaxy Digital, signaling another ETH purchase. The Ethereum network issued about 72,790 new ETH in the past 30 days, a figure easily absorbed by Sharplink’s recent buy.
Bitmine Technologies has surpassed Sharplink in corporate ETH treasury holdings, doubling its total to about $2 billion (566,776 ETH) after a $500 million investment by Peter Thiel, focusing on Ethereum-centric strategies.
Sharplink holds 438,017 ETH, placing it second, while the Ethereum Foundation is now third among institutional holders.
Earlier this month, GameSquare Holdings launched its $100 million Ethereum treasury initiative with a $5 million purchase, acquiring approximately 1,819 ETH at an average price of $2,749, aiming to generate returns via DeFi protocols.
The Ethereum price remains below its all-time high of $4,863. However, growing interest from institutional investors could push the altcoin to new highs in the coming months. At Codeum, we offer tokenomics and security consultation, ensuring your projects are secure and well-structured.
Disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.