Ethereum Price Hits $4,000 Amid Large Treasury Purchases
Ethereum (ETH) is testing the $4,100 resistance level again on Tuesday. This comes after major digital asset treasuries SharpLink and BitMine increased their ETH holdings last week.
SharpLink and BitMine Boost Ethereum Holdings
- SharpLink Gaming bought 19,271 ETH for $75 million last week.
- This raised SharpLink’s total ETH to 859,853 tokens.
- The purchase price averaged $3,892 per ETH.
- SharpLink raised $76.5 million in a private offering before buying ETH.
- Co-CEO Joseph Chalom said they bought ETH at prices below their capital raise.
- SharpLink also earned 458.9 ETH from staking and holds $36.4 million in cash.
- BitMine added 203,826 ETH last week, increasing its total to over 3.23 million ETH.
- BitMine now holds about 2.7% of Ethereum’s circulating supply.
- Thomas Lee, BitMine chairman, said they are halfway to their goal of owning 5% of ETH.
- Arkham Intelligence data shows BitMine bought another 63,539 ETH on Monday.
- Meanwhile, US spot ETH ETFs saw net outflows of $145.6 million on Monday.
Ethereum Price Outlook: Resistance at $4,100
Ethereum faced $153 million in futures liquidations in the past 24 hours. Short liquidations made up $80.1 million of this total.
ETH has struggled to break above the $4,100 resistance for two days in a row. It is also facing pressure near the 50-day and 100-day Exponential Moving Averages (EMAs).
In 2024, ETH repeatedly failed to clear $4,100 before finally breaking it on August 9.
To keep rising, ETH must break above $4,100, $4,270, and the key EMAs. If it falls below $3,800 support, it could drop to $3,470.
The Relative Strength Index (RSI) and Stochastic Oscillator show weakening bearish momentum, suggesting a possible change in trend.
