09.08.2025 01:23

SharpLink's massive Ethereum purchase sent ripples through the cryptocurrency market, triggering a significant price surge. Within a mere four hours, the company acquired nearly 22,000 ETH for a staggering $85.46 million, dramatically boosting its holdings to an impressive 543,898 ETH, valued at over $2.12 billion, according to information shared on X (formerly Twitter) by lookonchain. This substantial investment fueled a buying frenzy, further propelling Ethereum's price.

This considerable ETH acquisition coincided with Ethereum breaking through the crucial $4,000 resistance level. The breakthrough resulted in the liquidation of $25 million in short positions, as bears who had bet against ETH were caught off guard by the sudden price surge. This forced selling amplified the upward momentum, confirming significant bullish sentiment and strong demand within the market. The current price of Ethereum, at $3,961.75, reflects a 3.39% increase over the past 24 hours, according to CoinMarketCap, strengthening the case for a sustained bullish trend.

The successful breach of the $4,000 mark has fueled ambitious price predictions from analysts monitoring Ethereum's trajectory. Many believe that a continued price movement above this key resistance level could propel Ethereum towards a target of $6,400, reflecting considerable optimism regarding the cryptocurrency's medium-term potential. This optimistic outlook is underpinned by Ethereum's robust fundamentals and growing institutional interest.

Adding further fuel to the bullish sentiment, Fundamental Global Inc., a Nasdaq-listed company, has submitted a $5 billion offering to the SEC, intending to primarily purchase Ethereum. This bold move signifies a major institutional foray into the digital asset space, with Fundamental Global planning a phased share sale to fund its ambitious Ethereum treasury. This significant investment underscores the growing confidence and institutional adoption of Ethereum within the broader financial market.