Thomas Daniels
Ether (ETH) is approaching the $3,000 threshold amid a surge in bullish sentiment, driven by growing institutional interest and positive technical indicators. A notable catalyst in this momentum is a substantial treasury purchase by SharpLink Gaming, which has reinforced investor confidence in ETH as a strategic reserve asset.
The sports betting firm disclosed it had acquired 7,689 ETH between June 28 and July 4 at an average cost of $2,501 per token. This addition raised SharpLink’s total Ethereum holdings to 205,634 ETH—currently valued at more than $533 million—highlighting a broader trend of corporate cryptocurrency adoption.
Technical Indicators Signal Further Upside
Ether is trading at approximately $2,819 and recently broke through the key resistance level at $2,738, signaling strong buying activity. The 20-day exponential moving average (EMA) has turned upward to $2,561, while the relative strength index (RSI) remains in positive territory—both suggesting control by buyers.
Resistance and Support Levels:
- Upside Targets: A sustained move above $2,879 could drive ETH toward $3,153 and potentially $3,400.
- Pullback Risk: Failure to hold $2,738 may lead to a correction to the 20-day EMA. A rebound from this level would reinforce the bullish structure.
- Downside Scenario: A close below the 20-day EMA would suggest profit-taking and could push the pair toward the 50-day simple moving average.
On shorter time frames, ETH’s rise above $2,800 has moved the RSI into overbought territory, indicating possible short-term consolidation. However, a bounce off the 20-EMA on the 4-hour chart would confirm continued accumulation and strengthen the case for further gains.
Broader Market Outlook
The current ETH rally coincides with increasing spot Ethereum ETF inflows and multiple corporate treasury disclosures. These developments suggest that Ethereum is gaining traction not only as a decentralized platform but also as a store-of-value asset among institutional players.
