SharpLink’s Ethereum Staking Success
SharpLink Gaming just announced something that caught my attention. They generated 465 ETH in staking rewards over the past week. That’s not small change – at current prices, we’re talking about over $36 million in value. What’s interesting is they’ve been doing this since June 2, 2025, and have accumulated 12,079 ETH total from their staking operations.
I think what makes this noteworthy is that SharpLink is now the second-largest corporate holder of Ethereum. They’ve got 866,262 tokens on their balance sheet. When they made this announcement, their share price jumped about 3% during today’s trading session. It seems like the market liked what they had to say.
Ethereum’s Price Movement
The Ethereum price itself moved up over 2% in the past 24 hours. But here’s the thing – it’s still below that psychological $3,000 mark. Actually, if you look at the weekly chart, ETH is still down more than 1%. So we’re seeing some short-term positive movement, but the longer-term picture is still a bit mixed.
From what I can tell, ETH has been stuck in a descending channel for the past week. That’s typically not great for price action. But there might be a change coming. The price is trying to break through resistance at around $2,985 as I write this. If it manages to clear that level, some analysts think it could climb to $3,357 in the next couple of days.
Technical Indicators Show Promise
Looking at the technical side, there are some positive signs. The MACD line is starting to rise toward the MACD Signal line. That could mean the recent bearish trend is losing steam. We’ll need to see if it actually crosses above the signal line in the next 48 hours for confirmation.
The RSI is also moving upward toward its Simple Moving Average. When that happens, traders often interpret it as growing buyer strength. The current RSI reading is below 50, which means there’s room for the price to rise before hitting overbought territory.
A pseudonymous trader named KALEO mentioned on X that ETH’s price is trading near what they call an accumulation zone. That’s typically where longer-term buyers might start stepping in.
What to Watch For
Still, I’m being cautious. That $2,985 resistance level is important – it’s also where the upper boundary of the descending channel sits. If ETH gets rejected there, we could see a pullback to around $2,777. But if it breaks through, well, that could change the short-term narrative.
The connection between SharpLink’s announcement and ETH’s price movement is interesting. Corporate staking activity like this shows institutional interest in Ethereum’s proof-of-stake model. It’s not just about trading – it’s about actually using the network’s features.
I’ll be watching how this plays out over the next few days. The technical setup looks promising, but markets can be unpredictable. The key will be whether ETH can sustain momentum above that resistance level.
