Ethereum price prediction: SharpLink fuels breakout above $3,400 with record ETH stake
Ethereum price rallies past $3,400 as SharpLink becomes largest corporate ETH holder
Ethereum surged above $3,400 on Thursday, extending a sharp recovery that has seen the world’s second-largest cryptocurrency gain over 21% in the past week. The breakout comes amid a powerful combination of technical momentum and unprecedented institutional buying, led by SharpLink Gaming.
Highlights
- Ethereum breaks above $3,400 as SharpLink accumulates 111,609 ETH worth over $343 million
- Open interest hits $50.22B, options volume jumps 63.55%, shorts face $177M in liquidations
- Next resistance lies near $3,800–$4,100 as bullish momentum builds
The Minneapolis-based firm has now surpassed the Ethereum Foundation to become the largest known corporate holder of ETH.
SharpLink triggers institutional tailwind
According to Lookonchain data, SharpLink purchased another 20,279 ETH worth $68.38 million on Thursday, pushing its total accumulation to 111,609 ETH over just eight days, valued at approximately $343.38 million. Nearly 99.7% of the company’s holdings are staked, signaling a long-term strategic position. The aggressive buying spree, including 74,656 ETH acquired between July 7 and 13, underscores Ethereum’s rising profile as a yield-generating infrastructure asset.
Industry observers say the move represents a turning point. “Ethereum’s current breakout reflects more than just bullish momentum—it signals a shift in how institutions value digital assets,” said Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet.
Bullish structure and derivatives data align
Technically, ETH has broken out of a multi-week ascending triangle, reclaiming the $3,298 resistance and advancing toward the next supply zone near $4,100. The token now trades near $3,435, comfortably above all key EMAs, with the 20 EMA accelerating upward. Indicators such as RSI remain supportive, with no signs of divergence.
ETH price forecast (Source: TradingView)
Derivatives data also confirms strong conviction. Open interest rose 7.21% to $50.22 billion, while options volume surged 63.55%. On Binance, the long/short ratio stands at 1.076, and top traders show a highly bullish 2.8215 ratio. Liquidations also favored bulls, with over $177 million in short positions wiped out in the past 24 hours.
In our July 16 coverage, we highlighted Ethereum’s rising triangle breakout and noted that a sustained close above $3,298 would shift the short-term structure decisively bullish. With price now above $3,400 and institutional flows accelerating, eyes turn to the $3,800 and $4,100 resistance zones for the next test.
