Ethereum Surges 1.43% as SharpLink Adds $17.45M to Reserves

Ethereum's latest price was $3590.01, up 1.436% in the last 24 hours. Ethereum is currently testing a long-term ascending support line on the 2-week chart, with traders awaiting a decisive candle close to confirm any long-term shift in trend momentum. The crypto market remains cautiously optimistic, as earlier breakout failures are still fresh in memory. If Ethereum closes above the upper trendline, it may signal a major technical reversal for the asset. The price level near $3,600 to $3,700 now acts as a technical battlefield, representing both psychological resistance and a validation zone for breakout traders.

The 2-week candle closes Sunday evening, making the next 48 hours crucial for Ethereum’s technical outlook. If the price holds above the upper diagonal trendline, it could break a pattern that failed in three previous cycles. Traders in the X thread raised questions such as, “What happens after? It’s broken out before but went under.” This reflects common skepticism from the community, which remains alert despite bullish conditions. The same chart shows earlier false breakouts around late 2016, 2019, and 2022. Each one mimicked bullish setups before leading to strong corrections. The emoji labels placed at those points convey the disappointment that followed prior fakeouts. Currently, the bullish move is marked with a similar emoji, indicating hesitation to call it a confirmed breakout. Ethereum must prove itself this time by closing firmly above the resistance, unlike before.

Momentum is stronger than in past attempts, and price has surged over $1,000 in two weeks. However, the pattern’s past failures have built a cautious mood among traders. The weekly close now holds the key to Ethereum’s next multi-month trajectory. Confirmation requires not just a wick above, but a full candle close past $3,600.

According to data from Glassnode, ETH futures hit $104.2 billion in 24-hour volume, far ahead of BTC’s $67.5 billion—a rare flip that signals rising market interest in the second-largest cryptocurrency. While Bitcoin still leads in overall futures open interest at $64.2 billion versus Ethereum’s $32.2 billion, Ethereum’s open interest grew 6.1% in a day, while Bitcoin’s dipped 1.4%. The surge in ETH trading comes alongside historic inflows into spot Ethereum ETFs and a strong price rally. Despite the jump in volume and open interest, Ethereum’s funding rate remains relatively neutral at 0.0096%, slightly below Bitcoin’s 0.01%. This suggests that while capital is flowing in, traders aren’t yet overly bullish or entering overheated territory. Glassnode interprets the data as a positive signal: speculative demand is building, positions are rising, and sentiment remains grounded—setting the stage for potential upside without immediate risk of overheating.

SharpLink Gaming, a well-known marketing company based in Minnesota, has made headlines again. The company has just added $17.45 million more in Ethereum to its crypto reserves. This recent buy indicates that SharpLink is very sure of the future of Ethereum. SharpLink is currently in possession of even greater quantities of Ethereum. This is not the first step of this sort. As a matter of fact, it is a larger strategy of SharpLink. The company has taken its time to accumulate its holdings by buying Ethereum. On July 15, SharpLink bought some more in a very large purchase that took place just a few days ago. That day alone, the company purchased 24,371 ETH, which was equivalent to around 73.25 million dollars. That was at Coinbase Prime, which is where big investors go to purchase crypto safely. With this purchasing spree, SharpLink now has approximately a total of 493 million dollars of Ethereum in its possession. It is a large sum of money to any firm, not to mention a publicly traded company on Nasdaq. SharpLink also invested in a lot of ETH which indicates that it has faith in the existence of Ethereum. Lots of firms will purchase cryptocurrency to create short-term profits in trading. It is not what SharpLink is doing. It is considering Ethereum as a strategic (reserve), the same as some businesses view gold or money. That implies that SharpLink is interested in keeping its ETH over the long-term. It aims at hedging against inflation, portfolio diversification of the company, and using Ethereums rise to their advantage. Ethereum is the second-largest cryptocurrency in terms of size after Bitcoin. It is more than digital money though. The crypto world is also based on it. NFTs, DeFi and Smart contracts exist on the Ethereum blockchain. With such growth in these areas, Ethereum might become more useful.

SharpLink’s big purchases send a clear message. The firm does not want to be unprepared about that future. SharpLink is moving swiftly when the other companies are waiting and watching. It is transferring this now in case the price of Ethereum and its application continue to increase to remain ahead of its competitors. This new buy will probably increase the amount of ETH in staking pools and validators. Staking can be used to assist in operating the Ethereum network and earn rewards. Staking is a good way of making money, especially where big investors such as SharpLink participate by keeping the network secure. According to experts, SharpLink actions indicate that big investors are beginning to trust crypto more. They regard it as a contemporary, intelligent growth strategy. With ithe ncreasing number of firms going this way, the demand for Ethereum may continue to increase. To date, the amount of investment by SharpLink indicates that it is serious. It is not taking crypto as a mere fad. Rather, the company is wagering on Ethereum as the finance and technology of the future. In conclusion, another good indication is the recent acquisition of SharpLink at a value of 17.45 million dollars. The corporation is accumulating a huge Ethereum stockpile to enable its operations to expand and be prepared towards the future. What SharpLink does next will be of great interest to many in the crypto world.

Between July 16 and 17, U.S.-listed ETH ETFs pulled in $1.32 billion, led by BlackRock’s ETHA, which accounted for 79% of the total. July 16 alone saw inflows exceed $726 million, making it the single strongest day ever for Ethereum ETFs. ETHA has now climbed to fifth place among all ETFs worldwide in terms of weekly inflows, drawing $1.26 billion as of July 18. That puts both ETHA and BlackRock’s IBIT—its spot Bitcoin ETF—among the global top five funds by net weekly flows, out of over 4,300. Ethereum is also closing the gap on Bitcoin in terms of inflow ratios. ETH ETFs have seen $1.78 billion in inflows this week versus $2.02 billion for Bitcoin, putting the ETH/BTC inflow ratio at 88%—the third highest ever recorded. The all-time record remains 206.2%, set in February. The explosive growth highlights Ethereum’s accelerating institutional appeal and places ETH ETFs firmly in the global spotlight.

The spotlight in the cryptocurrency market appears to be shifting, with BlackRock’s recent focus on Ethereum signaling a broader trend among major asset managers. Increasingly, financial giants are incorporating Ethereum into their portfolios, indicating a strategic pivot beyond Bitcoin. Recent high-volume transactions involving Ethereum are perceived as indicators of evolving trends in crypto investments. Data reveals that Ethereum is attracting increased attention from influential investors like BlackRock. Institutional interest is expanding, with Ethereum joining Bitcoin as a primary asset in diversified portfolios. This change suggests a reevaluation of strategies aimed at reducing risk and capitalizing on Ethereum’s unique attributes. Recent findings from Arkham Intelligence show a notable increase in Ethereum purchases by BlackRock, reportedly buying five times more Ethereum than Bitcoin. This emphasizes BlackRock’s adjusted investment approach, favoring Ethereum for its potential benefits. The industry views these actions as marking a trend shift within the realm of cryptocurrencies. This strategic move from BlackRock has sparked discussions about future market conditions. Potential outcomes from a shift towards Ethereum include increased market liquidity and strengthened trust from traditional investors. Such trends could stimulate more substantial institutional involvement and possibly alter the balance between cryptocurrencies. Growing institutional investments reflect broader confidence in Ethereum’s capabilities. Ethereum’s ascent in esteem among mighty financial entities underscores its potential role in reshaping digital asset markets. BlackRock’s moves could catalyze further shifts in investor behavior and encourage ongoing market evolution. Increased interest in Ethereum, as demonstrated by BlackRock’s recent acquisitions, hints at a potential revaluation of existing crypto portfolios. The changing preferences of large firms have begun to carve a new landscape for digital currencies, potentially influencing market trends and perceptions of stability in the volatile crypto ecosystem.

The institutional landscape continues to exhibit significant confidence in Ethereum, with Wall Street increasingly recognizing its foundational role. Recent analysis positions Ethereum as the 'preferred' Layer 1 blockchain among institutional investors, signaling its maturation and perceived long-term value proposition within the traditional financial sector.

Strong validation of this institutional embrace comes from the successful launch and early performance of spot Ethereum ETFs. Notably, these investment vehicles have witnessed substantial capital inflows, setting records and underscoring sustained institutional demand for regulated exposure to Ethereum. This trend reflects a deepening integration of Ethereum into mainstream finance.

A major regulatory catalyst emerged with the signing of significant stablecoin legislation into law. This legislative milestone, widely viewed as positive for regulatory clarity around digital assets interacting with traditional finance, provided a substantial boost to market sentiment surrounding Ethereum. The passage of this bill is considered a key near-term driver for the ecosystem.

Further bolstering the ecosystem's infrastructure and utility, several key Ethereum scaling initiatives have secured major venture capital funding recently. These substantial investments highlight continued strong backing for solutions aimed at enhancing Ethereum's scalability and transaction throughput, crucial for its long-term adoption and use case expansion beyond simple transfers.

Technical market analysis also points to optimistic sentiment. Observers have noted favorable chart patterns emerging around Ethereum, historically suggesting potential for significant upward momentum as broader market dynamics evolve. This technical setup is viewed alongside the robust institutional inflows and improving fundamental ecosystem developments.