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Public companies SharpLink Gaming and BitMine Immersion Technologies have emerged as major Ethereum accumulators, collectively holding over 660,000 ETH worth approximately $2.5 billion at current prices. This institutional buying activity comes as Ether shows technical signs of being overbought following a 28% rally this month.
The ETH/USDT pair retreated from its $3,860 peak on July 22, with analysts noting key support levels at 【$3,494】 (38.2% Fibonacci retracement) and 【$3,381】 (50% retracement). ——Market sentiment remains bullish despite the correction——, with the 20-day exponential moving average ($3,234) serving as critical support.
Short-term analysis shows the 20-EMA flattening on the 4-hour timeframe, suggesting market equilibrium. A breakout above $3,860 could propel ETH toward the psychologically important $4,094 level, while failure to hold $3,477 support may trigger deeper correction.
SharpLink's 360,807 ETH treasury and BitMine's 300,657 ETH holdings represent strategic allocations rather than speculative positions. This development mirrors 2020-2021 trends when corporate Bitcoin acquisitions preceded major bull runs.
Market observers note the growing acceptance of ETH as a treasury asset among tech-focused public companies, with ——the cryptocurrency now representing 19% of SharpLink's total market capitalization——.
Technical analysts highlight three crucial factors for ETH's trajectory:
As of press time, Ethereum trades at $3,712, with derivatives data showing healthy open interest and relatively balanced liquidation levels.
This market analysis contains no investment recommendations. Cryptocurrency trading carries substantial risk, and participants should conduct independent research.