Ethereum Price Jumps 7% as SharpLink Buys 10,000 ETH from Ethereum Foundation

The Ethereum price has surged 7.02% in the last 24 hours to trade at $3,065.84, in the last 24 hours on a 52.13% in the daily  trading volume to $23.46 billion.

Ethereum’s price is rising again and has gone back above $3,000 for the first time in weeks. The jump in price happened after a surprising move. A gaming technology company called SharpLink Gaming bought 10,000 ETH (worth over $30 million) straight from the Ethereum Foundation.

SharpLink’s CEO, Rob Phythian, said that Ethereum is an important technology for building apps and games that run on the blockchain. This means the company doesn’t just see ETH as a digital coin, but as a key part of future tech and innovation.

With this big purchase, large companies are starting to believe in Ethereum’s future and long-term value.

Are Institutions Quietly Loading Up on Ethereum?

The Ethereum Foundation sent 10,000 ETH to SharpLink in one transaction, which got mixed reactions. Usually, when the Foundation sells ETH, prices drop. But this time, the market stayed strong, showing that buyers are confident.

Many see the deal as a positive sign for Ethereum’s future in gaming, smart contracts, and decentralized finance(DeFi). As more companies use blockchain, Ethereum remains a top choice because of its strong developer community and wide range of uses.

Ethereum Price Breaks Resistance as Bullish Pennant Signals Further Upside

Ethereum is currently trading at $2,961.23, and the daily chart shows signs of a continued uptrend. ETH recently broke out above the $2,871 resistance, confirming a bullish continuation pattern. 

Now trading well above both the 50-day and 200-day Simple Moving Averages (SMAs), Ethereum has maintained strong momentum since the golden cross appeared in early July.

ETHUSD Analysis Source: Tradingview

ETH Price Bulls Target $3,300 With Key Support At $2,754

The Relative Strength Index (RSI) at 71.75 suggests that the asset is currently overbought and buying pressure is still increasing, but there could be a short-term pullback.

Ethereum could push towards $3,300 if bulls maintain the pressure, with the next resistance zone at $3,350. However, should a correction occur, immediate support lies at $2,750, followed by stronger support near $2,600.