Ethereum Price Breaks $3,900 as SharpLink Makes Another $295M ETH Purchase

The Ethereum price is edging closer to its previous all-time high, surging past the $3,900 mark. This increase occurred after Sharplink Gaming purchased an additional $295 million worth of ETH as part of its treasury plan.

Ethereum Price Surges Amid Fresh Sharplink Purchase

The Ethereum price has increased by 2.87% over the last day, surpassing $3,900, according to CoinMarketCap data. The rally coincides with a sharp increase in ETH’s daily trading volume, which jumped 26.6% to $30 billion.

Sharplink Gaming’s most recent strategic acquisition, which increased its balance sheet by 77,210 ETH, or about $295 million, is the leading cause of this spike. Only a few weeks prior, Sharplink had made its largest weekly acquisition to date, purchasing almost 80,000 Ethereum for about $258 million at an average price of $3,238.

Additionally, technical signals are also pointing to continued bullish momentum for ETH. The MACD histogram has risen to +21.93, while the RSI-14 currently stands at an overbought level of 81.75, indicating robust demand. 

The Ethereum price is currently targeting the next significant extension target at $4,284 after decisively breaking through the 61.8% Fibonacci retracement level near $2,950.

Sharplink Continues Aggressive ETH Accumulation

Sharplink, listed on Nasdaq under SBET, has steadily reinforced its position as a primary Ethereum treasury holder. According to Lookonchain data, Sharplink completed another significant ETH purchase for $295 million, bringing its total holdings to over 438,000 ETH, which is worth almost $1.7 billion.

This comes after the firm received $145 million USDC stablecoins from Circle, which it reportedly transferred to Galaxy Digital, a move interpreted by analysts as a signal for another imminent ETH purchase. The Ethereum network had just issued about 72,790 new ETH over the past 30 days, a figure that Sharplink’s recent buy alone easily absorbs.

Despite Sharplink’s aggressive buying, Bitmine Technologies has surged ahead in the corporate ETH treasury race.  Over the past few weeks, Bitmine has doubled its holdings, bringing its total to about $2 billion, or 566,776 ETH. This occurred following a substantial $500 million investment by billionaire Peter Thiel, which enabled the company to concentrate more on Ethereum-focused strategies.

With 438,017 ETH, Sharplink is still in second place. Meanwhile, the Ethereum Foundation itself has slipped to third place among institutional holders.

Notably, earlier this month, GameSquare Holdings also launched its $100 million Ethereum treasury initiative with a $5 million purchase, acquiring approximately 1,819 ETH at an average price of $2,749. The firm also plans to generate returns by tapping into DeFi protocols and other assets within the Ethereum ecosystem. 

The Ethereum price remains below its all-time high of $4,863. However, growing interest from institutional investors could push the altcoin to new highs in the upcoming months.