SharpLink Adds 11K ETH, Nears $2B in Ethereum Holdings

Key Notes

• SharpLink added 11,259 ETH to its treasury, now holding $1.74 billion worth of Ethereum.
• The firm’s average ETH buy price is $3,011, sitting on $386M in unrealized profit.
• Glassnode data suggests ETH still has significant upside, with $4,900 as a potential target.

Ethereum

ETH $3 859

24h volatility: 1.5%

Market cap: $465.79 B

Vol. 24h: $32.76 B

surged past $3,850 this week as SharpLink Gaming, the Minneapolis-based firm increasingly mirroring Strategy’s Bitcoin playbook, has added another 11,259 ETH to its treasury.

SharpLink now holds a monumental 449,000 ETH, now worth approximately $1.74 billion. So far, the largest corporate holder of the world’s second-largest digital asset is Tom Lee’s BitMine, aiming to buy 5% of all Ether tokens available.

SharpLink’s MicroStrategy Moment

According to blockchain analyst EmberCN, SharpLink sent $43.09 million in USDC to Galaxy Digital, receiving 11,259 ETH in return at an average price of $3,827. This follows their massive $290 million acquisition of 77,000 ETH over the weekend.

Since early June, SharpLink has adopted an ETH accumulation strategy, aggressively acquiring and staking the asset for yield. With an average cost basis of $3,011, the firm now sits on an unrealized profit of approximately $386 million.

In a massive push towards crypto, SharpLink appointed Joseph Chalom, a former BlackRock executive, as co-CEO.

On-Chain Sentiment: Plenty of Room to Run

Glassnode’s latest Relative Unrealized Profit chart shows that, despite ETH trading close to its March 2024 highs, current unrealized profits are significantly lower.

Back in March, ETH touched +2σ (standard deviations) at $3.98K. Today, it’s just crossing the +1σ threshold with prices near $3,860. Statistically, a move to +2σ from this point would suggest a potential target of $4,900.

Related article: Cathie Wood’s Ark Invest Buys $20M Shares of ETH Treasury Firm BitmineThe on-chain analytics firm’s study revealed that the current rally still has plenty of steam. Unlike previous market tops, on-chain profit-taking remains muted, implying that holders are in HODL mode.

ETH Price Analysis: Clear Path to $4,200

On the daily chart, Ethereum has broken decisively above its upper Bollinger Band ($3,562) and continues to ride the wave with strong bullish momentum, making ETH a top crypto to buy.

The RSI sits at 77.16, entering overbought territory, but without divergence, suggesting strength rather than exhaustion. The MACD remains bullish, with a wide gap between the signal and MACD line, and the Balance of Power indicator reads firmly in the buyers’ favor.

ETH Price Chart with Fib Levels | Source: TradingView

Fibonacci extension levels drawn from the mid-May breakout put immediate resistance at $3,920 (Fib 3.618) and $4,182 (Fib 4.236).

These targets align with the MVRV Pricing Bands mentioned by analyst Ali Martinez, who believes that as long as $3,300 holds as support, ETH could rally toward $4,220 and even $5,140 in the coming weeks.

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