Ethereum News Today: SharpLink Boosts ETH Holdings to $1.63B Amid 6.57% Price Drop

SharpLink has significantly expanded its Ethereum holdings by acquiring 14,933 ETH in a $108.57 million USDC transaction, raising its total ETH holdings to 464,209, valued at approximately $1.63 billion [1]. The transaction occurred amid a broader price correction for Ethereum, which saw a 6.57% decline over the previous week, pushing the price down to $3,496.41 [1]. The market capitalization of Ethereum also dropped to $422.05 billion as of press time, reflecting a broader downturn since mid-July [1].

The technical indicators suggest that Ethereum remains within an upward regression channel, with key support near $3,200 and resistance levels expected around $4,200 if the channel continues to hold [1]. TradingView analysis shows that the RSI has fallen from a high of 75.40 to 53.95, while the MACD line has crossed below the signal line, indicating weakening upward momentum [1]. These signals suggest the market is experiencing a consolidation phase following recent gains, and any sustained move below the $3,200 level could signal a bearish shift in sentiment.

SharpLink’s recent accumulation spree has been notable, with its Ethereum portfolio growing significantly in recent months before showing signs of a recent decline. As of the latest data, SharpLink’s portfolio value stands at $898.48 million, with Ethereum as the dominant asset, holding 155,891 ETH worth $546,870 [1]. Other assets in the portfolio include LPUSS, CROAK, and a small amount of USDC, but Ethereum remains the core holding by value.

The firm’s continued large-scale buying activity appears to contradict short-term price weakness, indicating a belief in Ethereum’s long-term trajectory. This strategy aligns with the technical view that the asset remains within a constructive channel, with support near $3,200 offering a key level to watch. Analysts have pointed out that if Ethereum manages to stay above this level, it could retest previous highs in the coming months [1].

The recent volatility has also impacted broader trading volumes, with 24-hour Ethereum trading volume falling 18.93% to $33.99 billion [1]. The price action has been largely bearish in the last two weeks, as red candles dominated the charting patterns. SharpLink’s large-scale on-chain activity, however, provides a contrast to this bearish trend, reinforcing the idea that institutional buyers continue to see value in Ethereum despite near-term price pressures.

[1] Source: [1] SharpLink Adds 14,933 ETH as Price Pullback Sends Ethereum Bet to $1.63B: Is the Regression Trend the Secret Behind the Purchase? (https://cryptonewsland.com/sharplink-adds-14933-eth-as-price-pullback-se/)