Ether Surges 10% as SharpLink Gaming Buys 7,689 ETH

Ether (ETH) has entered a strong uptrend this week, with analysts predicting a rally to $3,000 before the end of July. This bullish momentum is attributed to an increase in spot ETH ETF inflows and multiple corporate Ether treasury announcements. SharpLink Gaming, a sports betting firm, recently purchased 7,689 Ether (ETH) between June 28 and July 4, at an average price of $2,501. This acquisition has boosted the company's holdings to 205,634 ETH, valued at over $533 million.

The recent ETH treasury purchase by SharpLink Gaming has significantly boosted investor sentiment, paving the way for a potential rally to $3,153. The ETH price surged sharply on Wednesday, breaking above the resistance level of $2,738, indicating aggressive buying by the bulls. The 20-day exponential moving average ($2,561) has started to turn up, and the relative strength index (RSI) is in positive territory, favoring buyers. However, sellers are expected to defend the $2,879 level fiercely. If the bulls prevail, the ETH/USDT pair could surge to $3,153 and later to $3,400.

On the other hand, sellers may attempt to pull the price back below $2,738. If successful, the pair could drop to the 20-day EMA, a crucial level to watch. A rebound off the 20-day EMA would indicate that bulls are buying on dips, increasing the likelihood of a rally to $2,879. Conversely, a break below the 20-day EMA suggests that the pair may remain within the $2,111 to $2,879 range for some time.

The rise above $2,800 pushed the RSI into overbought territory, suggesting a potential pullback or consolidation in the near term. If the price slips below $2,738, the pair could reach the 20-EMA on the 4-hour chart. A solid bounce off the 20-EMA would indicate positive sentiment and bullish buying on dips, increasing the likelihood of a rally to $2,879. Conversely, a break and close below the 20-EMA suggests that bulls are booking profits quickly, which may pull the pair down to the 50-simple moving average.