This week, Ethereum (ETH) soared beyond $3,850, with SharpLink Gaming, a company resembling Strategy’s Bitcoin approach, contributing by purchasing an additional 11,259 ETH, bringing their total holdings to the treasury. Over the past 24 hours, Ethereum displayed a 1.7% volatility, while its market capitalization reached a staggering $462.60 billion. The trading volume within this period amounted to a massive $32.30 billion.
Currently, SharpLink boasts a staggering 449,000 ETH, which equates to roughly $1.74 billion in value. As of now, the company with the most Ethereum, the world’s second-largest digital asset, is Tom Lee’s BitMine, with plans to acquire about 5% of all Ether tokens that are in circulation.
SharpLink Gaming again bought $43,090,000 $ETH.
They now hold $1,730,000,000 Ethereum. 🔥
— Ted (@TedPillows) July 31, 2025
SharpLink’s MicroStrategy Moment
As reported by blockchain analyst EmberCN, SharpLink transferred approximately $43.09 million worth of USDC to Galaxy Digital and received around 11,259 ETH in response, with an average value of each ETH being roughly $3,827. This transaction follows their recent large-scale acquisition of about 77,000 ETH over the weekend for a total cost of $290 million.
在上周末 $2.9 亿买入 7.7 万枚 ETH 后，@SharpLinkGaming 今天继续花费 $4309 万购买了 11,259 枚 ETH。
10 hours ago, they transferred 4,309 million USDC to Galaxy Digital. Then, 15 minutes ago, they received 11,259 ETH worth approximately $3,827 from Galaxy Digital, which suggests they made a purchase at that price.
SharpLink Gaming 从…
— 余烬 (@EmberCN) July 31, 2025
As an analyst, I’ve been reporting on SharpLink’s strategic decision to amass Ethereum (ETH) since early June. This strategy has seen them actively acquire and stake the asset, not only expanding their holdings but also earning yield through this process. Currently, with an average cost basis of $3,011, the firm finds itself in a promising position, holding an unrealized profit estimated at around $386 million.
As a dedicated researcher delving into the burgeoning world of cryptocurrency, I am thrilled to share that in an effort to bolster our commitment, SharpLink has tapped Joseph Chalom – a seasoned executive from BlackRock – as my joint CEO. This strategic move underscores our determination to navigate this exciting landscape effectively.
On-Chain Sentiment: Plenty of Room to Run
According to the latest chart from Glassnode, even though Ethereum is near its March 2024 highs in terms of trading price, the actual unrealized profits for investors are noticeably less substantial at this time.
Even though ETH is currently trading close to its record high from March 2024, the actual unrealized profits are significantly lower compared to that time. Back in March, ETH reached approximately two standard deviations above the average unrealized profit at around $3,980; right now, it’s only approaching one standard deviation. If ETH were to reach a level of two standard deviations again, it would potentially increase to roughly $4,900.
— glassnode (@glassnode) July 31, 2025
In March, ETH reached a level approximately 2 standard deviations higher than its usual range at $3,980. Now, it’s barely surpassing the 1 standard deviation mark with prices around $3,860. If we consider the statistical trend from this point, a move to 2 standard deviations could potentially indicate a future price target of $4,900.
According to a recent analysis by the blockchain data company, this ongoing surge in the market shows no signs of slowing down just yet. In contrast to past market peaks, the urge to sell for profits among investors seems minimal, suggesting that many are holding onto their investments rather than selling them off.
ETH Price Analysis: Clear Path to $4,200
According to the daily chart analysis, Ethereum has forcefully surpassed its upper Bollinger Band (at $3,562), indicating a robust bullish trend. This strong upward momentum positions Ethereum as an excellent choice for cryptocurrency investments.
The Relative Strength Index (RSI) stands at 77.16, indicating it’s in overbought territory; however, there’s no divergence, which implies strong momentum rather than impending exhaustion. Meanwhile, the Moving Average Convergence Divergence (MACD) maintains a bullish stance, as the distance between the signal line and MACD line is substantial, and the Balance of Power indicator strongly indicates that buyers are in control.
ETH Price Chart with Fib Levels | Source: TradingView
Based on the mid-May breakout, Fibonacci extension levels have been established. These levels provide potential resistance levels at approximately $3,920 (which is equivalent to the 3.618 Fibonacci level) and $4,182 (equivalent to the 4.236 Fibonacci level). In simpler terms, these significant price points could act as barriers for further upward price movement.
According to analyst Ali Martinez’s MVRV Pricing Bands analysis, if Ethereum maintains its current support at around $3,300, it might surge towards approximately $4,220 and potentially reach up to $5,140 in the upcoming weeks.
If the $3,300 level continues to hold strong, Ethereum’s price might be headed towards $4,220, with a possible extension to $5,140, as suggested by the Market Value to Realized Value (MVRV) Pricing Models.
— Ali (@ali_charts) July 30, 2025
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2025-07-31 16:27