Ethereum continues its significant upward trajectory, currently trading above $3,900 after gaining approximately 61% over the past 30 days.
This rally is being strongly fueled by corporate action, with blockchain consulting firm SharpLink executing substantial ETH acquisitions. SharpLink purchased another 77,210 ETH recently, raising its total holdings to a significant 438,017 ETH, valued at $1.69 billion.
SharpLink’s purchasing power originates from an ongoing equity sale program. The capital raising target for this program has been notably expanded from an initial $1 billion to $6 billion, with the company having already secured $721 million so far.
Technical indicators reinforce the bullish market sentiment. Ethereum maintains strong momentum, evidenced by a high RSI (Relative Strength Index) reading of 82.89. The asset has demonstrated resilience by consistently closing above its 20-day Simple Moving Average, currently situated at $3,432.
Market activity underscores the bullish sentiment, with 24-hour trading volume surging 47.3% to reach $32.95 billion. Concurrently, open interest in Ethereum futures contracts increased by 7.72%, rising to $59.94 billion.
Analysts point to SharpLink’s aggressive accumulation strategy and its status as a major institutional holder as key catalysts behind the current price surge. The firm’s large-scale purchases and institutional backing are significant drivers pushing Ethereum towards the $4,000 mark.