Ethereum (ETH) Price Today: Ethereum Dips Below $4.5K as SharpLink Reports $103M Quarterly Loss

Ethereum (ETH) slipped below the $4,500 mark on Friday, pressured by SharpLink Gaming’s quarterly earnings report that revealed a net loss of $103 million.

Despite expanding its Ethereum treasury to more than 728,000 ETH, worth over $3.2 billion, the company’s results triggered volatility across the market and weighed on Ethereum price today.

Market Overview: Ethereum Faces Selling Pressure

Ethereum price today sits near $4,391, down 3.8% over the past 24 hours. The decline followed a failed attempt to retest the $4,700 zone, leading to more than $169 million in futures liquidations, according to Coinglass. Long positions absorbed most of the hit, signaling a sudden reversal of bullish momentum.

Ethereum cools off with more consolidation ahead, building strength for the next big move. Source: @CryptoMichNL via X

Technical indicators also reflect cooling sentiment. The Relative Strength Index (RSI) has retreated from overbought territory, while the Stochastic Oscillator shows a similar pullback, hinting at short-term exhaustion. Analysts note that support levels at $4,100 remain critical, with a deeper floor around $3,500 if that zone gives way.

SharpLink Treasury Growth vs. Heavy Losses

SharpLink Gaming’s latest report underscored a sharp contrast between its expanding ETH holdings and its financial struggles. Since pivoting to an Ethereum-focused treasury in May, the company has raised over $2.6 billion to acquire ETH, deploying nearly all assets into staking. So far, this has generated 1,326 ETH in validator rewards, strengthening its role as a major player in Ethereum staking.

SharpLink reported a $103M paper loss in Q2 but still holds 728,804 ETH worth $3.5B, with analysts projecting Ethereum could reach $7.5K–$15K. Source: Tom Tucker via X

“Our ETH strategy has scaled rapidly in a highly accretive manner,” said co-CEO Joseph Chalom, noting the company’s growing long-term commitment to Ethereum.

Yet the strong treasury position could not offset accounting-driven write-downs. The $103 million quarterly loss was largely tied to an $87.8 million non-cash impairment on liquid staked ETH, reflecting U.S. GAAP rules that require assets to be marked at their lowest quarterly trading price—$2,300 in this case.

SharpLink emphasized that it has not sold or redeemed any ETH despite the impairment, reiterating confidence in Ethereum’s long-term value. Even so, the company’s 30% year-over-year revenue decline and a 15% drop in its stock price to $19.85 underscored investor caution.

Ethereum Ecosystem and Institutional Interest

SharpLink’s pivot is part of a broader trend of firms holding Ethereum as a treasury reserve. Collectively, Ethereum treasury companies now hold more than 2.7 million ETH, with BitMine Immersion leading the pack at 1.2 million ETH.

Ethereum (ETH) was trading at around $4,391, down 3.89% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

The move comes as Ethereum ETF news continues to dominate headlines. Institutions poured more than $5.4 billion into ETH-focused ETFs in recent months, a sign that large-scale adoption is gaining momentum. This inflow has helped stabilize Ethereum despite short-term pullbacks triggered by earnings-driven shocks like SharpLink’s.

Meanwhile, Ethereum Layer 2 networks such as Arbitrum, Optimism, and zkSync continue to expand, lowering gas fees and boosting transaction throughput. This growth supports Ethereum’s fundamental case, even as near-term volatility persists.

Ethereum Price Prediction: Key Levels to Watch

From a technical standpoint, Ethereum is consolidating within an ascending channel that suggests a bullish long-term outlook. The immediate demand zone sits between $4,350 and $4,400, reinforced by the 50-day Simple and Exponential Moving Averages. Holding this range could open the door to a rebound toward $4,785, with the psychological $5,000 resistance as the next upside target.

Ethereum is consolidating between key levels, with its next move set to determine a breakout higher or continuation lower. Source: CoreliquidityLab on TradingView

However, a close below $4,170 would invalidate the bullish structure and expose ETH to potential declines near $3,950–$3,500.

Outlook: Ethereum Balances Risk and Opportunity

Ethereum news today highlights a market caught between bearish short-term catalysts and long-term institutional tailwinds. While SharpLink’s $103 million loss raised concerns, its growing ETH treasury and staking rewards reflect the confidence of major firms in Ethereum’s future.

If Ethereum holds its current support levels and ETF inflows remain strong, analysts believe ETH could stage a recovery toward $5,000 in the coming weeks. For now, traders remain cautious, with support at $4,100 emerging as the level to watch for Ethereum’s next decisive move.