Ethereum Price Poised for Breakout as Whale Buys $105M in ETH

Ethereum (ETH) price is holding steady at nearly $3,550 after bouncing back from a recent dip below key support levels. The cryptocurrency saw a near 10% decline last week, briefly testing support just above the $3,500 zone.  ETH recently peaked just under $3,850 before entering a consolidation phase.

ETH Price action now suggests indecision, with investors watching closely for the next breakout. A notable whale accumulation has fueled optimism among traders, hinting at a possible rally.

Meanwhile, macroeconomic pressure continues to weigh on the broader crypto market. Investor sentiment remains cautious amid renewed U.S. trade tensions and a hawkish tone from the Federal Reserve. Market participants monitor these developments, as external economic shifts could impact ETH’s next direction.

Sharplink Gaming Wallet Acquires $105M in Ethereum

A blockchain address reportedly linked to Sharplink Gaming has purchased approximately $105 million worth of Ethereum price, according to on-chain data. The funds were transferred in multiple large transactions over the past 48 hours, with most of the ETH being deposited into Figment ETH2 staking pools, suggesting a long-term investment strategy.

This substantial move has sparked attention across the crypto community, fueling speculation of bullish sentiment around Ethereum. While the wallet’s true ownership remains unconfirmed, analysts believe such a significant purchase could reflect growing institutional confidence in ETH’s future performance.

SharpLink Gaming has acquired an additional 18,680 ETH, valued at approximately $66.63 million, within the past 15 minutes. This fresh purchase boosts the company’s Ethereum holdings to a total of 498,711 ETH.

Based on current market rates, their holdings now stand at an estimated $1.81 billion. This move highlights SharpLink’s growing investment interest in Ethereum and reinforces its long-term commitment to cryptocurrency assets.

Ethereum Price Holds Strong, Analyst Eyes Further Gains

Ethereum price is consolidating at higher levels than support at $3,360, as analysts note a major resistance at the level of $3,530. A market expert suggests that the asset is testing this resistance. Confirmed breakout on the top of the $3,530 level may pave the way to the $3,700 range, indicating the emergence of new bullishness.

One more analyst pointed to Ethereum relatively strong position at the level of $3,500, which supported it even in the current cycle.

Analyst pointed out that continued consolidation in this region can culminate into a potential breakout of the past resistance levels. Should this be done, this might ignite a wider bull run, potentially reaching new all-time highs.

Ethereum Rebounds as Bulls Regain Short-Term Control

At the time of writing, the ETH price stood at $3,649, posting a 4% gain within the last 24-hour trading session.

Ethereum has recovered after rebounding off the support zone of $3,500. The ETH went up in a positive sequence in an ascending parallel horizontal, which indicated a short-term bullish tendency.

Relative Strength Index (RSI) has recovered sharply as it moved out of oversold levels and stabilized around 58.77. This made it bullish territory, which implies increasing strength of purchases.

Chaikin Money Flow (CMF) also entered into positive territory with 0.13 value. This implied capital influx to Ethereum, which aided the existing bullish frame.

The first area of resistance is at the price of $3,700 and this is where the upper boundary of the ascending channel is. An upwards breakout in this region may move ETH to a new high of $3,800 again. Sustained buying can also open the way for a test of $3,950.

Nevertheless, should the bullish trend weaken, a failure below $3,600 may reintroduce the $3,500 figure as a support factor. A failure to stay above the lower body at $3,500 would have a short term bias turn to bearish, with $3,400 becoming a potential next target.