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Key Takeaways:
- SharpLink Gaming now holds 449,000 ETH worth $1.73 billion, following a new $43M Ethereum purchase.
- Ethereum is trading near $3,860 with technicals pointing toward a potential breakout to $4,200 and beyond.
- On-chain metrics show room for growth, with unrealized profits still below previous market peaks.
Ethereum continues to climb this week, briefly surpassing $3,850 amid renewed institutional demand. Minneapolis-based SharpLink Gaming added another 11,259 ETH to its growing crypto treasury, valued at over $43 million, bringing its total Ethereum holdings to 449,000 ETH, now worth $1.73 billion.
SharpLink’s latest purchase was confirmed by blockchain analyst EmberCN, who reported the company sent $43.09M in USDC to Galaxy Digital, receiving ETH at an average price of $3,827. This follows a $290M buy over the weekend, showcasing a strategy reminiscent of MicroStrategy’s Bitcoin playbook.
SharpLink Gaming again bought $43,090,000 $ETH.
— Ted (@TedPillows) July 31, 2025
They now hold $1,730,000,000 Ethereum. 🔥 pic.twitter.com/NKvVIzi7C3
On-Chain Signals Show Bullish Potential
Despite Ethereum trading near its March 2024 highs, on-chain metrics suggest the rally is still in early stages. According to Glassnode, unrealized profits remain modest compared to previous cycle tops. In March, ETH hit +2σ on Relative Unrealized Profit at $3,980 — today it’s just crossing +1σ at similar price levels, hinting at room to grow.
Despite $ETH trading near its March 2024 highs, unrealized profits are far lower. Back then, #ETH hit +2σ (standard deviations) on Relative Unrealized Profit at $3.98K – today it's just nearing +1σ. A move to +2σ now would imply ~$4.9K $ETH. pic.twitter.com/TdmCIzp3Pm
— glassnode (@glassnode) July 31, 2025
Statistical models project that ETH could reach $4,900 if it again hits +2σ, providing further validation for bullish sentiment.
Technical Outlook: $4,200 in Sight
Ethereum’s price action is supported by robust technical indicators. The asset has decisively broken above the upper Bollinger Band ($3,562), while the RSI at 77 indicates strong, though overbought, momentum. The MACD and Balance of Power indicators remain firmly bullish.
Also Read: Ethereum Eyes Breakout as Treasury Interest Grows
Analysts are eyeing $3,920 and $4,182 as short-term resistance, aligning with key Fibonacci extension levels. Ali Martinez notes that as long as ETH holds above $3,300, a run toward $4,220–$5,140 is plausible.
SharpLink Gaming’s aggressive ETH accumulation — now totaling $1.73 billion — is adding fuel to Ethereum’s latest price surge. With both on-chain metrics and technical indicators signaling upside potential, ETH appears poised to challenge the $4,200 level and beyond in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
