24-7-2025 – SharpLink Gaming has surpassed BitMine Immersion Technologies to become the largest public holder of Ether, accumulating 360,807 ETH through recent acquisitions. The gaming company’s aggressive purchasing strategy pushed it ahead of BitMine, which previously held the top position with 300,657 ETH.

The corporate Ether accumulation comes as ETH shows technical signs of being overbought, though the absence of significant selling pressure suggests institutional confidence remains strong. On Monday, Ether declined from $3,860 and broke below the key $3,745 support level, indicating some profit-taking among short-term traders. The ETH/USDT pair now faces potential downside to the 38.2% Fibonacci retracement level at $3,494.

Technical indicators present a mixed picture for ETH’s near-term direction. The 4-hour chart shows the 20-exponential moving average has flattened while the Relative Strength Index dropped below the midpoint, suggesting balanced supply and demand. Bulls need to reclaim the $3,860 level to target $4,094, while a break below $3,494 could trigger further weakness toward $3,381 and potentially the 20-day EMA at $3,234.

The sustained institutional buying by SharpLink and BitMine raises questions about whether corporate accumulation can provide price support during technical corrections. Both companies’ strategies to build substantial ETH positions may signal broader institutional adoption, though the immediate price action suggests retail investors remain sensitive to technical levels.

Markets will watch whether the corporate buying wave can offset any bearish momentum if ETH fails to hold current support levels.