Key point:
The race to be recognized as the foremost public holder of Ether (ETH) has intensified, with SharpLink Gaming and BitMine Immersion Technologies engaging in substantial ETH acquisitions. BitMine initially declared its dominance, revealing holdings of 300,657 ETH on Thursday. However, SharpLink swiftly surpassed this figure following recent purchasing activity last week, now possessing a considerable 360,807 ETH.
Could this accumulation of ETH by publicly traded companies drive its value even higher? Let’s examine the charts for potential insights.
ETH Price Forecast
Ether’s value experienced a decline from $3,860 on Monday, falling below the $3,745 support threshold. This suggests that some short-term investors are realizing profits.
The ETH/USDT pairing could potentially descend towards the 38.2% Fibonacci retracement level, situated at $3,494. A price rebound from this point would signify strong buyer interest at these lower price ranges. Bullish traders would then likely attempt to push the pair back up towards $4,094.
— Cointelegraph (@Cointelegraph)
July 23, 2025
Conversely, if the price breaks down and closes below $3,494, the pairing could slide to the 50% retracement level of $3,381, and subsequently to the 20-day exponential moving average (EMA) at $3,234. A breach below the 20-day EMA would shift the immediate advantage to the sellers. In this scenario, the pair may sharply decline toward $2,904.
Related: DOGE price gained 340% the last time this indicator turned bullish
The 20-day EMA on the four-hour chart has stabilized, and the Relative Strength Index (RSI) has fallen below the 50% mark, indicating a balance between buying and selling pressures. For the bullish trend to resume, buyers must propel the price beyond $3,860, paving the way for a potential rise to $4,094.
Alternatively, a break and sustained closure below the 50-day simple moving average (SMA) suggests that bearish traders are attempting to regain control. This could lead to a decline toward $3,477, and potentially further to $3,361.
This article provides general market analysis and should not be interpreted as financial advice. Trading cryptocurrencies involves substantial risk, and individuals should always conduct thorough independent research before making any investment decisions.