Ethereum (ETH) Price Prediction: A certain Whale dumped 33,582 Tokens, Sharplink's increase boosted buyer confidence.

Today (9th) in the Asian early session, Ethereum (ETH) followed the market rebound, currently reported at 2,621 USD. A certain Whale sold 33,582 ETH in exchange for 85.38 million USDC stablecoin early in the morning. However, SharpLink announced the acquisition of 7,689 ETH, bringing its total holdings to over 205,000 ETH, boosting buyer confidence.

According to Onchain Lens monitoring, a Whale/institution that previously made a profit of 30 million USD on ETH sold 33,582 ETH at an average price of 2512 USD in the early morning, exchanging it for 85.38 million USDC and depositing it into Aave V3. This Whale currently still holds 100,000 ETH (worth 261.2 million USD), which are staked on the Lido platform.

SharpLink Gaming, a Nasdaq-listed company, stated that it purchased 7,689 ETH at an average price of $2,501 per ETH last week. The company mentioned that during this period, it sold 5.49 million ETH through its at-the-market (ATM) tool, raising $64 million, of which $37.2 million will be used to purchase more ETH.

SharpLink also stated that its staking rewards have increased to 322 ETH, having gained another 100 ETH last week. Therefore, its total asset holdings have increased to 205,634 ETH, claiming that these funds have been fully deployed in staking and re-staking protocols.

According to data from Google Finance, after SharpLink announced the acquisition of ETH, investors rushed to buy, with its stock SBET soaring over 28%, closing at 16.29 USD on that day.

The company began acquiring ETH in early June, following a $425 million private placement led by Consensys, whose CEO Joseph Lubin later became the chairman of SharpLink.

Another ETH fund management company listed on Nasdaq, BTCS, also plans to raise $100 million by 2025 through ATM stock issuance, convertible bond issuance, borrowing from the DeFi lending protocol Aave, and creating revenue through staking and block building. The company stated in a press release on Tuesday that this complex strategy allows it to "increase the value of each shareholder's ETH while minimizing dilution."

This development comes amid increasing interest from small publicly listed companies in ETH bonds, particularly regarding the discussions surrounding tokenization and the upcoming House vote on the GENIUS stablecoin bill next week.

Bit Digital (BTBT) announced on Monday that its inventory balance is 100,603 ETH, after the company increased its ETH holdings by selling 280 BTC and generating $172 million in issuance proceeds. BitMine (BMNR) is also raising $250 million to launch a similar ETH inventory program.

These companies are following in the footsteps of the business intelligence software company Strategy (formerly known as MicroStrategy), which began accumulating Bitcoin in 2020. Since then, the company has increased its crypto treasury to 597,325 BTC, accounting for approximately 2.8% of the total Bitcoin supply.

Ethereum Price Analysis

FXStreet analyst Michael Ebiekutan indicated that after rebounding near the key price level of $2,510, ETH is forming strong support around $2,500, reinforced by the dynamic support of the 200-day simple moving average (SMA). On-chain data also shows that $2,500 is one of the most significant accumulation zones for ETH in recent months. According to Glassnode data, investors have purchased over 3.45 million ETH between $2,513 and $2,536.

If ETH continues to hold the support level of $2,500 as it approaches the apex of the key symmetrical triangle, it may rebound to test the resistance level around $2,850 that has been in place since February 4.

The downside is that if ETH loses the support level of 2,500 USD, it may test the lower boundary of the symmetrical triangle.

The Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) are slightly tilted upwards, above the neutral level, indicating that bullish momentum is slightly dominant.

(Source: Trading View)