On Friday, July 11, the Ethereum price showed a slight uptick of 0.5% to trade at $2,968. This intraday gain is currently facing supply pressure at the psychological level of $3,000, evidenced by the long-wick rejection in the daily candle. After a 3-day rally, a short pullback is justified, as it could bolster buyers to recoup the bullish momentum. Despite the short-term pullback, the broader trend on Ethereum looks strong amid the increasing institutional adoption.
SharpLink Gaming Buys 10,000 ETH
The Nasdaq-listed SharpLink Gaming has announced that it has entered into a definitive agreement with the Ethereum Foundation to purchase 10,000 ETH at a price of $25,723,680. The deal was finalized on July 10th, recording the average purchase price of $2,572.37.
Following the transaction, SharpLink became the largest publicly traded company to adopt Ethereum as its primary treasury reserve asset.
Joseph Lubin, Chairman of SharpLink, stated, “This isn’t a trade—it is a commitment to our long-term vision. SharpLink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem. Moreover, we see this as the start of something bigger—a model for how mission-driven organizations can work to advance our ecosystem’s shared goals of decentralization, economic empowerment, and protocol-native finance.”
This acquisition highlights the increasing institutional adoption of Ethereum, reinforcing its role as a credible store of value like Bitcoin.
ETH Price Gives Bullish Breakout
In the last three weeks, the Ethereum price showcased a sustained recovery from $2,115 to a current trading price of $2,997, projecting a 41.18%. A deeper analysis of the daily chart reveals a recent recovery, which has assisted in completing a traditional reversal pattern known as an inverted head and shoulders.
The chart pattern consists of three troughs, the middle head surrounded by two shallow dips called shoulders. On 10th July, the ETH price gave a decisive breakout from the $2,884 neckline resistance of the platform, signaling a change in market dynamics.
If the pattern holds true, the post-breakout rally could push the price 45% higher to $4,354. However, the potential rally faces resistance at $3,437, $3,744, and $4,108.
