Ethereum (ETH) bulls are gaining momentum, and there’s a fresh catalyst behind the growing optimism: SharpLink Gaming. The Nasdaq-listed company just made waves by announcing a groundbreaking $425 million private investment in public equity (PIPE), earmarked specifically to establish what it claims is the first Ethereum-focused treasury strategy among publicly traded firms.
This major shift comes with some serious backing—none other than Joe Lubin, a co-founder of Ethereum and a heavyweight in the blockchain space, is behind the effort. The plan involves acquiring approximately 120,000 ETH, a move that many see as a direct echo of MicroStrategy’s Bitcoin playbook, which has delivered more than $8 billion in gains so far in 2025.
Ethereum Steps Into the Treasury Spotlight
SharpLink’s initiative signals a new chapter for Ethereum as a treasury asset. While Bitcoin has dominated headlines thanks to its widespread adoption by public companies and institutional investors, ETH’s entry into this arena could redefine its role in traditional finance.
Eric Conner, a former Ethereum core developer, sees SharpLink’s move as more than just a financial investment. He describes it as the creation of a “public ETH proxy,” ideal for institutions and funds restricted from holding crypto directly. This indirect exposure, enabled by equity markets, could be the bridge ETH needs to land on more corporate balance sheets.
Moreover, staking is likely part of the plan, which could pull 120,000 ETH out of circulation. That kind of supply reduction, or “supply compression,” as Conner calls it, may create significant upward pressure on ETH’s price in the months ahead.
ETH Price and Futures Surge
Following SharpLink’s announcement, Ethereum’s price responded with a 4.5% daily jump. But that’s just the surface. Ethereum futures open interest (OI) exploded to a record-breaking $36.1 billion—up $3.5 billion in just 24 hours. That represents a 72% increase in OI over the past month, reflecting a flurry of leveraged trading activity and growing investor interest.
Community analyst Maartuun from CryptoQuant noted a series of leverage-fueled moves in the market. Over the past month, Ethereum has seen ten such signals, most of which resulted in temporary pullbacks, though one triggered a significant short squeeze and another ended neutrally. These dynamics point to increasing market volatility—something traders often interpret as a precursor to larger price moves.
The Road to $3,000 and Beyond
Technically speaking, Ethereum is currently forming a bullish descending triangle pattern on its daily chart. The formation shows higher lows converging toward a horizontal resistance near $2,700. If ETH manages to break above $2,677, analysts project a move toward the $3,100–$3,200 range—levels that align with historical resistance near $3,100 and $3,400.
The relative strength index (RSI) sits at a robust 68.5, indicating strong momentum while still leaving some room before hitting overbought territory. This setup suggests Ethereum could be gearing up for another leg upward, possibly retesting the coveted $3,000 level soon.
Crypto trader @mo_xbt added another layer to the bullish case, pointing to what he dubbed a “sandwich setup” on Ethereum’s daily chart. He noted that the price currently sits above the 200-day exponential moving average but below both the 200- and 300-day simple moving averages. According to him, this pattern has consistently preceded upward breakouts over the past month.
Macro and Market Caution
Of course, not everyone is rushing to celebrate. Analyst VICTOR warned that despite the bullish developments, ETH is still down 19% year-to-date. He cautions that betting on leverage in an altcoin-heavy environment remains risky, especially considering recent data on network usage.
Indeed, Ethereum’s on-chain metrics have seen better days. In Q1 2025, fees on the network plummeted from $2.5 million to just $605,000 in two weeks. Although average daily fees have stabilized above $1 million since May 9, they remain notably lower compared to early 2024—a reflection of decreased decentralized app (DApp) activity.
Conclusion
SharpLink’s ETH treasury strategy is a bold bet—not just on Ethereum’s price, but on its long-term role in corporate finance and digital asset management. With institutional interest rising and technical indicators aligning, ETH may be on the brink of reclaiming $3,000 and possibly setting its sights even higher.
For now, Ethereum has the narrative, the momentum, and increasingly, the money. Whether it can hold onto all three is what traders and investors will be watching closely in the weeks ahead.
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