The Ethereum price fell to $2,517 during the last trading session, down nearly 3.75% in the past 24 hours. However, investor sentiment surged after SharpLink Gaming announced a $48 million investment in Ethereum.
The company’s aggressive strategy, outlined in an SEC filing, plans to raise $425 million in a private round, with most of the funds allocated to an Ethereum treasury.
SharpLink’s move is similar to Michael Saylor’s Bitcoin purchases via MicroStrategy, and the crypto community is drawing comparisons.
SharpLink will offer 69.1 million shares at $6.15 each ETH buy-in will bring fresh institutional demand Ethereum co-founder Joseph Lubin is SharpLink’s new board chairSharpLink’s stock skyrocketed 400% after the announcement, despite regulatory risks, including the possibility of ETH being classified as a security and uncertainties surrounding CBDCs.
Market Buzz Builds as ETF Hopes and SharpLink Strategy Align
Crypto enthusiasts are calling SharpLink Ethereum’s Saylor, with social media posts labeling it the “Michael Saylor of Ethereum”. This bullish sentiment is further fueled by REX Shares filing for Ethereum and Solana staking ETFs.
Analysts say these ETFs could launch in weeks, providing U.S. investors with a way to gain exposure to Ethereum’s staking ecosystem – something that has previously eluded attempts at ETFs.
While the SEC filing and ETF buzz mean more institutional support for Ethereum, broader market forces are at play. Global macroeconomic concerns, including interest rate hikes and regulatory headwinds, are weighing on digital assets.
Ethereum Technical Outlook: Key Levels to Watch Amid Breakout Tension
Despite bullish fundamentals, Ethereum price prediction is showing technical cracks. On the 4-hour chart, ETH has broken below the ascending channel, with the 50-period EMA at $2,592 now acting as resistance. The MACD is deepening bearish momentum, and a Three Black Crows pattern near $2,594 adds to the downside risk.
Key support and resistance levels to watch:
Support: $2,466 and $2,385 – break here could lead to $2,298 or $2,250 Resistance: $2,594 and $2,689 – reversal above here could mean recovery Candlestick Watch: Look for Bullish Engulfing or Hammer patterns near support.SharpLink and ETFs are medium-term bullish, but be cautious in the short term. No reversal signals have been seen yet, so consolidation or a down move is the likely path.
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The post Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment appeared first on Cryptonews.
