Ethereum’s Potential $3,400 Rally: SharpLink Gaming Treasury Purchase Fuels Bullish Outlook
ETH enters a strong uptrend as SharpLink Gaming boosts its treasury holdings, fueling predictions of a price rally toward $3,000 by the end of July, potential targets near $3,153 and $3,400 now in focus.
ETH Momentum Persists: Key Catalysts
- Fundamental Boost: SharpLink Gaming announces significant ETH treasury purchase.
- Institutional Inflows: Increased inflows into spot ETH ETFs contributing to bullish market sentiment.
SharpLink Gaming’s ETH Acquisition
SharpLink Gaming confirms purchasing 7,689 Ether (ETH) between June 28 and July 4, acquired at an average price near $2,501. This substantial buy increases its total ETH treasury holdings to 205,634 ETH, valued over $533 million.
ETH Price Action & Technical Outlook: Rally Potential Assessment
Ethereum (ETH) surged Wednesday, breaking the $2,738 resistance level, signaling strong buyer interest despite recent stringent overhead resistance.
The 20-day Exponential Moving Average (EMA) ($2,561) has climbed, demonstrating increasing bullish momentum, with the Relative Strength Index (RSI) positive, favoring buyers.
Technical analysts look to the $2,879 level as a crucial short-term defense point for sellers. If breached, upside potential targets increase, potentially reaching $3,153, with $3,400 as a more extended rally objective.
However, sellers retain significant influence. A return of the price below the $2,738 psychological resistance level could test the 20-day EMA as a critical support zone.
If the bulls rebound strongly off this moving average, the focus shifts back to challenging the $2,879 level.
A deeper break below the 20-day EMA ($2,561) suggests potential for consolidation within the broader $2,111 to $2,879 range.
Fundamental observers note that the rise above $2,800 pushed the RSI into overbought territory on the 4-hour chart, hinting at a potential pullback or consolidation.
If prices slip back below $2,738 on this timeframe, the 20-period Simple Moving Average (SMA) enters the picture. A decisive bounce off these moving averages is seen by some analysts as a confirmation of sustained bullish interest.
Conversely, a break and closure below the 20-EMA could signal profit-taking by bulls, potentially leading to further downside towards longer-term support levels.
Disclaimer: This article is not investment advice. Trading and investing in cryptocurrencies carry significant risk. Readers should conduct their own research before making any decisions.
