Ethereum Tops $1.6k after SharpLink Gaming Resumes Purchases
Ethereum (ETH) price inched up 3.26% to $1,610, outperforming the broader market’s 1.86% gain, primarily driven by a major corporate treasury resuming its accumulation strategy.
The altcoin price climbed following SharpLink Gaming’s $62.4 million ETH purchase, ending an eight-month pause and signalling renewed institutional accumulation.
SharpLink Gaming, a public company, purchased 39,196 ETH, worth approximately $62.4 million, over three days, ending June 29.
Crypto market analysts said the buying action ended an eight-month buying hiatus and provided a clear demand-side catalyst amid weak ETF flows.
Ethereum is projected to climb further as a major, publicly tracked treasury views current prices as an accumulation zone, which can bolster market confidence. Market analysts maintained that Ethereum’s rally occurred from deeply oversold levels, with its RSI14 at 31.66.
The 24-hour trading volume surged 94.43% to $11.93 billion, confirming the move. Social sentiment also turned mildly bullish with a net score of 4.91/10.
The price action represents a relief bounce, amplified by high volume, within a broader downtrend. The immediate technical hurdle is the 78.6% Fibonacci retracement level at $1,619.42.
Technical traders said a successful breakout could see ETH challenge the 50-day average near $1,716. The broader catalyst watch is the planned “Glamsterdam” network upgrade in Q3 2026.
The trend remains bearish on higher timeframes, but a break above $1,619 could signal a short-term trend change. A daily close above $1,619 would confirm bullish momentum, or a rejection that sends price back toward the $1,550 support.
The combination of a verified corporate buying catalyst and a high-volume bounce from oversold conditions suggests ETH may have found a temporary floor. However, the macro environment of ETF outflows and “Extreme Fear” sentiment remains a headwind. Ethereum Price Slips 4% as Investors Liquidate Positions
