Ethereum Price Holds Strong as SharpLink Becomes Largest Corporate Holder of ETH

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The Ethereum price has extended its bullish streak on the daily chart, and now has a powerful new backer helping to fuel the rally: Nasdaq-listed SharpLink Gaming (SBET).

The gaming and sports tech firm has officially surpassed the Ethereum Foundation to become the largest corporate holder of ETH, amassing 280,706 ETH worth approximately $840 million at current prices.

This unprecedented move adds fuel to Ethereum’s market momentum, as institutional demand converges with bullish technical indicators—creating a potent setup that could drive ETH toward new yearly highs.

SharpLink’s Treasury Pivot Mirrors the Saylor Strategy

SharpLink Gaming raised $413 million between July 7 and July 11 through an equity issuance of over 24 million shares. It immediately deployed a large chunk of that capital into Ethereum, buying 74,656 ETH at an average price of $2,852. The company stated it still holds $257 million in reserve for further ETH purchases.

The strategic pivot mirrors Michael Saylor’s aggressive Bitcoin treasury model, but this time with ETH at the center. Notably, Ethereum co-founder Joseph Lubin has joined SharpLink as chairman, underscoring the company’s long-term alignment with Ethereum’s ecosystem. In an OTC deal, the Ethereum Foundation itself sold 10,000 ETH directly to SharpLink, reducing its holdings to $665 million—falling behind SharpLink for the first time.

SharpLink also operates validators and earns yield through staking. Since its treasury shift in June, it has generated 415 ETH in staking rewards, worth roughly $1.2 million.

Also read: Is Ethereum the Next Amazon?

Ethereum Price Technical Setup Signals Strength, but Resistance Lies Ahead

From a technical perspective, the Ethereum price has been in a firm uptrend, climbing steadily above both its 9-day and 20-day exponential moving averages.

Daily chart for WETH/USD (Source: GeckoTerminal)

Momentum remains strong, with MACD showing wide bullish separation and RSI sitting deep in overbought territory—confirming the strength of the trend, but also flashing early signs of exhaustion if bulls can’t clear overhead resistance.

The immediate resistance zone lies between $3,136 and $3,300, with the $3,050 level acting as a critical near-term ceiling. On the support side, the Ethereum price has backup at $2,985, $2,972, and $2,931 in the event of a pullback.

Order Book Reveals Key Battle Zones

Order book analysis reveals that the Ethereum price’s next moves may come down to a tug-of-war between ask walls and bid walls. The largest ask wall is set at $3,050, with over 400 units (~$1.2 million) waiting to sell. Breaking above this level could trigger a small leg higher of about 0.3%, potentially opening the door to the next resistance band.

Below the current Ethereum price, multiple bid walls—particularly at $3,035 and $3,029—provide strong support zones. These bids suggest that buyers are aggressively defending the current uptrend, but if any of these walls break, price could slide quickly by 0.2–0.4%.

Also read: Will Ethereum Hit 10K? Examining ETH’s Potential

Trading Strategy: Eyes on the Breakout

For bullish traders, a clean breakout above $3,050 backed by volume could confirm continuation toward $3,136 and beyond. But caution is advised, as RSI remains overheated—making trailing stop-losses and staged entries smart tactics.

For bearish or range traders, failure to break through $3,050 or a rejection at $3,136 could provide an opportunity for short entries, particularly if momentum indicators begin to fade and Ethereum price action stalls below resistance.

Conclusion: ETH Catches Institutional Tailwind

Ethereum is not just benefiting from strong price action—it’s now backed by significant institutional demand, as SharpLink Gaming’s ETH accumulation changes the narrative. With the Ethereum Foundation itself selling part of its stake to SharpLink, the corporate ETH race has begun in earnest.

The question now is whether this narrative can break through the heavily populated resistance zone—or whether we see a pullback before the next major move.

Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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