The cryptocurrency market opened the week on a downbeat note, with major digital assets sliding. Ethereum (ETH) dropped more than 2% in the past 24 hours, falling below the $1,900 threshold as investor sentiment turned cautious.
The decline comes on the heels of SharpLink Inc.'s second-quarter earnings report, which revealed a net loss of $394.3 million—nearly four times the $103.4 million loss recorded in the same period last year. The company attributed the bulk of the loss to $321 million in unrealized losses on its Ethereum treasury, alongside $76.1 million in impairment charges tied to its liquid staking tokens, including LsETH and weETH.
SharpLink, which has positioned itself as one of the largest publicly traded corporate holders of Ethereum, raised approximately $75 million during the quarter through a direct offering of 10.013 million shares at $7.49 each. The proceeds were used to acquire an additional 10,000 ETH and repurchase 2.1 million shares at an average price of $4.70. As of June 30, the company held 886,881 ETH, a figure that has since grown to 888,938 ETH.
The company's inclusion in the Russell 2000 and Russell 3000 indexes following the June 2026 reconstitution could broaden its institutional appeal, potentially attracting index-tracking funds. Meanwhile, BitMine Immersion Technologies (BMNR) also continued its aggressive Ethereum accumulation strategy, purchasing an additional 7,391 ETH last week to bring its total holdings to 5.805 million ETH. Of that, approximately 5.067 million ETH is staked through its Made in America Validator Network (MAVAN), generating an estimated annualized revenue of $257 million.
BitMine also repurchased three million shares under its $4 billion buyback program, bringing total buybacks since July to 19.1 million shares. Chairman Thomas Lee expressed optimism about the macro environment, noting that softer inflation and employment data have reduced the market-implied probability of a September Federal Reserve rate hike to 40% from 75% two weeks earlier. He suggested that easing financial conditions could provide a tailwind for cryptocurrencies.
On the technical front, Ethereum's price action remains constrained. The 4-hour chart shows ETH trading near its 20-day and 50-day exponential moving averages (EMAs) at $1,884 and $1,862, respectively, while the 100-day EMA at $1,924 continues to cap upside moves. Momentum indicators, including the Relative Strength Index (RSI) and Stochastic Oscillator, are hovering near neutral levels, reflecting indecision among traders.
Immediate resistance sits at the 100-day EMA of $1,924, followed by horizontal resistance at $1,961. A breakout above these levels could open the door to targets around $2,172 and $2,431. On the downside, the 50-day EMA at $1,862 provides initial support, with a stronger support zone near $1,809. A daily close below $1,809 could intensify bearish pressure, exposing ETH to deeper supports at $1,701 and $1,507.
Liquidation data from Coinglass shows $49.58 million in ETH liquidations over the past 24 hours, with long positions accounting for $43.34 million, indicating that bullish traders bore the brunt of the sell-off. As the market digests SharpLink's loss and awaits further macro cues, Ethereum's near-term trajectory will likely hinge on its ability to hold key support levels.
This article is for informational purposes only and does not constitute financial advice.
