Ethereum continues to show growth, trading above $3900, indicating increasing investor interest and significant cryptocurrency purchases.
Current Market Position of Ethereum
As of press time, Ethereum's price was $3908, which is a 3.2% increase in the past 24 hours and a 61% increase over the last month. The price rebounded from a recent low of $3530 on July 24, pushing toward the psychological level of $4000. The trading volume surged to $32.95 billion in the last 24 hours, suggesting growing investor interest.
SharpLink's Purchases
According to Lookonchain, SharpLink, a gaming and data company, purchased an additional 77,210 ETH, worth about $295 million, on July 28. This brings its total ETH holdings to 438,017, approximately $1.69 billion. Most of this ETH is staked through platforms like Figment and Hoppers DApp. SharpLink's purchases are funded by an ambitious equity sale program.
Technical Analysis of Ethereum
Ethereum’s daily chart shows sustained bullish momentum. The price consistently closes above the 20-day SMA, which acts as short-term support at $3432. The expansion of Bollinger Bands indicates increased volatility, and the RSI is at 82.89, suggesting overbought conditions. If the price closes below the $3600 support, the trend may reverse.
With significant purchases and increasing investor interest, Ethereum continues to showcase strong growth as it approaches key price levels.
