SharpLink Gaming Expands Ethereum Holding to $1.73B, SBET Stock Eyes $40

SharpLink Gaming added 11,259 ETH worth $43.57 million to its Ethereum treasury. The firm expanded its total Ethereum holdings above $1.73 billion after the latest purchase.

At the time of writing, on SBET stock price surged more than 4% in premarket trading hours. Ethereum co-founder Joseph Lubin-backed SharpLink plans to hold 1 million ETH, continuing staking and creating value for its shareholders.

SharpLink Gaming Buys Additional $43 Million in Ethereum

Nasdaq-listed SharpLink Gaming purchased an additional 11,259 ETH worth $43.094 million, Lookonchain reported on July 31.

Joseph Lubin-backed company sold 43.09 USDC to buy these ETH at $3,828 in OTC trade from Galaxy Digital. With the latest purchase, the total Ethereum holdings reached 449,276 ETH, valued at more than $1.73 billion at the market price.

SharpLink Gaming holds more ETH than the Ethereum Foundation, but ranked second in corporate Ethereum treasury after Tom Lee-backed BitMine Immersion Technologies increased total ETH holdings to 625K worth over $2.41 billion.

On July 28, SharpLink Gaming purchased 77,210 ETH worth $295 million to boost its Ethereum treasury. This came as Ethereum dominance reached 12% for the first time in five years.

SBET Stock Price Jumps

At the time of writing, SBET stock price jumped nearly 4% higher to $20.21 during pre-market trading hours on Thursday.

SharpLink stock closed 2.52% higher at $19.56 on Wednesday. The stock price has rallied almost 97% in a month and nearly 155% year-to-date, as per Yahoo Finance.

Analyst Donald Dean set SharpLink Gaming price target to $23.38 and $40.46. He pointed out that the stock rebounded after finding support at $19 in the daily chart.

Multiple Factors Signal Ethereum Price to $4,000 Next

Several factors including massive whale accumulation, inflows into spot ETH ETFs, and bullish predictions analysts support Ethereum price to hit $4,000 soon.

Lookonchain revealed that whales kept accumulating ETH as Ethereum gains dominance amid altcoin season sentiment.

New wallets accumulated another 73,821 ETH worth $283 million in a few hours. Notably, a total of 11 new wallets accumulated 722,152 ETH worth 2.77 billion.

Institutions continue to bet big on Ethereum, reported Arkham. A whale bought $153 million in ETH from Galaxy Digital in an OTC trade on Thursday.

Popular Analyst Michael van de Poppe said volatility on Ethereum dropped, which makes it likely to move towards $4000 in the short-term. This could bring a pullback due to profit booking again for a strong move upside.

Also, he added that fundamentals and technical data indicate a perfect bull market for the coming 12-24 months.

ETH Price Remains Strong in Spot and Derivatives Market

ETH price jumped more than 2% over the last 24 hours and was trading near $3,860 at the time of writing. The 24-hour low and high were $3,683 and $3,877, respectively.

Furthermore, the trading volume increased by 7% in the last 24 hours, indicating a rise in interest among traders after a recent drop.

In the daily timeframe, the price remained above the 50-SMA, 100-SMA and 200-SMA at the time of writing.

Whereas, Relative Strength Index (RSI) rose to 75.30 in the daily timeframe and 70.84 in the weekly chart, signaling sideways or slight upside move potential.

CoinGlass data showed buying in the derivatives market. At the time of writing, the total ETH futures open interest jumped 1.42% to $55.76 billion in the last 24 hours.

4-Hour ETH futures OI on CME and Binance climbed more than 0.02% and 0.77%, respectively. This signals cautious sentiment among derivatives traders