Ethereum Surges 8% to $3,080 as Institutional Buying Intensifies

Ethereum has recently broken above the key $2,850 resistance level, reaching a local high of $3,080. Despite a minor retracement of less than 5%, the cryptocurrency has shown resilience and strength amidst broader market volatility. The ability to maintain levels above $2,850 is being closely monitored by traders and analysts as a potential catalyst for further upward movement.

Market sentiment has turned increasingly optimistic, driven by robust fundamentals and indications of institutional accumulation. SharpLink Gaming, a Nasdaq-listed company known for its treasury strategy centered on Ethereum, recently purchased an additional $73.21 million worth of ETH. This acquisition underscores the confidence of institutional investors in Ethereum’s long-term value.

SharpLink Gaming has now become the largest publicly known holder of Ethereum, with total holdings reaching 205,634 ETH, valued at approximately $611 million. This positions the company at the forefront of institutional Ethereum adoption, setting a new standard for corporate treasury strategies in the crypto space. The transaction, confirmed by top analyst Ted Pillows, originated from a Coinbase Prime hot wallet, commonly used by institutions for large-scale acquisitions. This move signals growing confidence in Ethereum’s long-term value, as companies diversify their holdings beyond Bitcoin to gain exposure to smart contract infrastructure.

Ethereum’s technical setup remains robust, with the price holding well above the $2,850 support zone following its recent move to $3,080. The ETH supply staked has reached new all-time highs, indicating that more long-term holders are locking up their assets rather than selling into strength. This, combined with increased institutional interest, reflects growing conviction in Ethereum’s role as a foundational layer for Web3.

The coming weeks are expected to be pivotal for Ethereum. With market sentiment turning bullish and Ethereum gaining traction in corporate circles, the stage is set for a sustained upward move, especially if broader macro and regulatory conditions remain favorable. Ethereum’s 3-day chart shows a bullish continuation pattern, with the price currently holding at $2,978 after recently breaking through a critical resistance zone at $2,850. The breakout marked a shift in momentum following a prolonged consolidation phase and pushed ETH to a local high of $3,041.41. Although a slight retracement followed, the current structure remains strong as bulls successfully defend the $2,850–$2,900 area.

This level is particularly important as it aligns with multiple technical indicators. The 200-day simple moving average (SMA) sits at $2,805.46, now acting as dynamic support. ETH also remains well above the 50-day and 100-day SMAs, currently at $2,244.80 and $2,661.68, confirming that the broader trend has turned bullish. Volume remains elevated, suggesting continued buying interest on dips. If ETH holds above $2,850 in the coming sessions, the next logical target is the $3,300–$3,500 zone, where previous highs and psychological resistance converge.