Ethereum is confidently trading the $3,100 level after breaking through this critical resistance in strength, indicating a potential change in market dynamics. Bitcoin has experienced a record high to short-term pullback, but Ethereum’s upward movement highlights momentum gaining momentum across the altcoin sector. Bulls are becoming increasingly optimistic, and viewing this difference as an indication that capital may be spinning into ETH and other high conviction altcoins.
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Promoting this optimism is a combination of improving technology and strengthening the foundations. One of the most notable developments occurred as Sharplink Gaming. It was one of the first NASDAQ registered companies to adopt an Ethereum-centric financial strategy, and purchased another $19,560,000 worth of ETH.
The combination of strong price action, increased corporate profits, and supportive on-chain metrics suggests that Ethereum is leading the next leg of Altcoin Rally, especially when Bitcoin continues to consolidate and investors continue to shift their focus to undervalued opportunities across the ecosystem.
Sharplink will become Ethereum’s largest corporate holder
Sharplink Gaming has officially become Ethereum’s largest corporate holder. Currently, the Treasury holds a total of 280,706 ETH, valued at approximately $840 million at its current market price. The company’s aggressive accumulation strategy illustrates a new phase in the adoption of institutional Ethereum to strengthen the growing recognition of ETH as a long-term strategic asset.
Top analyst Ted Pillows used on-chain data to confirm the latest purchases of Sharplink. This indicates that ETH was acquired via Coinbase Prime Hot Wallet. This is a platform commonly used by institutions for large-scale crypto transactions. According to a press release, Sharplink raised $413 million through issuances of more than 24 million shares between July 7th and July 11th.
In total, the company has acquired 74,656 ETH over the past week at an average price of $2,852 per coin. This aggressive purchase not only reflects Sharplink’s financial strategy, but also highlights a wider trend among institutional players that turn ETH as a core asset.
As traditional companies seek alternatives to cash and government bonds, increasing participation in Ethereum’s mature ecosystems and piles is an increasingly compelling option. Sharplink’s bold move encourages other public companies to explore ETH as a reserve asset.
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ETH Weekly Chart Signals Trend Reversal
Ethereum shows strong bullish momentum on its weekly charts. Prices are currently trading at $3,155.21, up over 6% for a week. A breakout above the $2,850 key resistance zone has been confirmed. After months of consolidation and bearish pressure, it marks a significant change in the market structure. This move will push ETH closer to its highest weekly since early 2024.
Technically, Ethereum recovered all major moving averages: 50-week SMA ($2,645), 100-week SMA ($2,659), 200-week SMA ($2,427). This alignment supports a long-term bullish reversal and confirms momentum has changed in the favor of the buyer. A clean break that outweighs previous resistance adds strength to your movement. And set the stage for potential gatherings towards the $3,600-$3,800 range over the next few weeks.
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The $2,850 landfill (a zone that served as a strong resistance for several months) has been supported up to now. If Ethereum continues to hold this level on a weekly closure basis, it could attract more institutional attention.
Dall-E special images, TradingView chart
