ETH, the native cryptocurrency of the Ethereum network, plunged over 4.7% during Friday’s U.S. market session. The slight pullback followed a broader market pullback as Bitcoin failed to sustain its breakout from $108,400. However, the ETH price is now in a close range to strong support and has witnessed institutional and whale investment. Will the top altcoin rebound from the $3,000 breakout?
SharpLink Gaming Prepares $1 Billion Shelf Offering
On Friday, March 30th, SharpLink Gaming filed a Form S-3 ASR with the U.S. Securities and Exchange Commission to register up to $1 billion in securities for potential future issuance. According to the filing, the company plans to allocate the potential proceeds to acquire a substantial amount of ETH and fund general corporate initiatives.
The Form S-3 Automated Shelf Registration (ASR) enables publicly listed companies to issue various financial instruments, such as stocks, bonds, or warrants, at their discretion. The filing highlights Sharplinks’ interest in digital assets, such as Ethereum.
In addition, the renowned crypto analyst Ali Martinez highlighted that major crypto whales holding between 100,000 and $1,000,000 ETH have recently added over 1 million Ether in the last 48 hours.
These developments accentuate Ethereum’s increasing appeal among major players and bolster demand pressure on its price, as highlighted in the Ethereum surge and altcoin rise analysis.
ETH Price Range Formation Hints Next Breakout
Over the last two days, the Ethereum price experienced a sudden decline from $2,789 to $2,519, resulting in a 10% loss. While the pullback followed Bitcoin’s reversal below $110,000, the ETH coin continues to extend its short-term consolidation in the daily chart.
Since the early weeks of May, the coin price has been resonating within the $2,738 to $2,325 horizontal range, creating a narrow band. The lower boundary of this range aligns closely with strong support levels, such as the 100- and 200-day exponential moving averages.
Following the recent rally, this ongoing consolidation would allow buyers to recuperate their exhausted bullish momentum and prepare for the next breakout. A potential flip of the overhead resistance of $2,738 to bullish support will bolster the price movement and drive a higher rally.
The post-breakout rally could push the asset to $3,440, followed by $3,745.
On the contrary, if the ETH price breaks below the $2,325 support level, the sellers would likely force a prolonged correction.
Also Read: Bitcoin Price to Hold $100K Support As BTC Adoption Race Accelerates
