When Sharplink gets an additional 77.2K ETH, Ethereum climbs over $3,900

Ethereum traded at $3,908 at press, earning 3.2% in the last 24 hours and 61% in the last 30 days.

Prices recovered from the recent low of $3,530 on July 24th, and are now pushing it to a key psychological price level of $4,000. The increase in derivatives and trading activities suggests increased interest among investors.

Trading volumes have skyrocketed to $329.5 billion over the past 24 hours, up 47.3% from the previous day. According to Coinglas data, Open Interes rose 7.72% to $59.94 billion, but its 24-hour derivatives volume rose 61.44% to $8.916 billion, indicating traders’ positioning of volatility.

The total profit on network-wide Ethereum (ETH) futures contracts exceeded $600 billion, setting a new record. Recent benefits coincide with a fresh wave of institutional Ethereum accumulation.

Sharplink expands Eth Treasury Holdings

Blockchain data shows gaming and data company Sharplink purchased 77,210 ETH on July 28th, worth around $295 million. Most of this ETH is betted through platforms like Figment and Hoppers Dapp.

Sharplink’s ETH purchases are funded by an ambitious equity sales program. The company has already raised $721 million, expanding its stock target from $1 billion to $6 billion, including $425 million in private land supported by Consensey, Pantera, Paraphi and electricity capital.

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The company has established itself as the long-term institution ETH owner, with Ethereum co-founder Joseph Rubin serving as chairman and co-CEO Joseph Charom, former BlackRock strategist Joseph Charom. Sharplink owns ETH of over 1 million people, or approximately 1% of its total supply, if it meets its ETH acquisition goal.

According to ETH Strategic Reserve data, the company is currently the second-largest owner of ETH and is just behind Bitmine Immersion Tech, which currently owns 566,000 ETH.

Ethereum’s technical outlook: bullish momentum strengthens

Ethereum’s daily charts show a sustained bullish momentum. Prices have been consistently closed beyond the 20-day SMA and are now serving as short-term support at $3,432. The Bollinger Band Expansion indicates an increase in volatility, with the ETH riding on the upper band. This is usually a bullish continuation signal.

Ethereum Daily Chart. Credit: crypto.news

The market is being bought with a relative strength index of 82.89. Generally speaking, measurements above 80 come before a short reduction or integration period. However, the momentum still exists as the RSI line has not yet bent downward.

As long as the price doesn’t fall below the $3,600 support, the uptrend is still in place. Pushings over $4,000 check for breakout strength, with the next key level being $4,168. On the downside, if you fall below the 20-day SMA, you could trigger a retrace to $3,250.

read more: Peter Thiel acquires 9.1% stake in Tom Lee’s Ethereum Treasury Company