Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Ethereum slipped 2% to $4,457 in early trading after SharpLink Gaming (SBET) posted a sharp $103.4 million quarterly net loss. The setback came even as the company expanded its Ethereum holdings to 728,804 ETH, worth more than $3.2 billion, marking its first financial report since pivoting to an ETH-focused treasury strategy in June.
SharpLink Grows ETH Treasury Despite Losses
SharpLink raised more than $2.6 billion through offerings to build its Ethereum reserves, deploying nearly all holdings into staking and earning 1,326 ETH in rewards.
This move was reinforced by high-profile leadership changes, including Ethereum co-founder Joseph Lubin joining as chairman and former BlackRock executive Joseph Chalom taking over as co-CEO.
The company also struck a partnership with Consensys, recording $16.4 million in stock-based compensation tied to advisory services. Chalom highlighted the rapid progress of the strategy, stating the firm had scaled its ETH position “in a highly accretive manner.”
However, revenue for Q2 2025 fell 30% year-over-year, sliding from $1.0 million to $0.7 million, while gross profit stood at just $0.2 million. Losses were driven by an $87.8 million non-cash impairment on liquid staked ETH, a requirement under U.S. GAAP to mark down assets at their lowest traded value—$2,300 per ETH during the quarter.
Despite these accounting losses, SharpLink stressed that no ETH had been sold or redeemed, underscoring its commitment to a long-term Ethereum treasury model.
Market Impact and Ethereum’s Price Outlook
Following the announcement, SharpLink’s shares fell 15% to $19.85, while Ethereum showed heightened volatility. In the broader market, futures liquidations reached $169 million in the past 24 hours, reflecting ongoing caution among investors.
Analysts suggest SharpLink’s ETH-heavy strategy highlights a high-risk, high-reward model. While large ETH reserves and staking yields provide long-term upside, they have yet to offset near-term revenue declines and impairment-driven losses.
Ethereum is being tested. Technicals say support at $4,100, if it fails that’s $3,500. If it holds above $4,350 it’s a green light for higher.
Ethereum Technical Analysis: Key Levels to Watch
Ethereum price prediction is bullish as ETH is currently trading near $4,405, consolidating within an ascending channel that underscores its bullish longer-term structure. The 50-period SMA at $4,379 and channel support between $4,350–$4,400 form a critical demand zone. A rebound here could validate continuation toward $4,785, with the upper channel boundary extending near the psychological $5,000 mark.
- Support: $4,350–$4,400 zone; deeper floor at $4,170
- Resistance: $4,785 followed by $5,000
- RSI: 44, recovering from oversold levels
- MACD: Negative but weakening, signaling fading bearish pressure
Traders may look for a bullish engulfing candle above $4,450 as confirmation of renewed upside momentum. A sustained breakout could accelerate Ethereum’s path toward $5,000. However, a close below $4,170 risks invalidating the channel, opening downside targets toward $3,950.
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