Ethereum Price Breaks $3,900 as Sharplink Gaming Adds $295M to Treasury Holdings

• Ethereum climbed past $3,900 after Sharplink Gaming bought $295 million worth of ETH for its treasury.

• Bitmine Technologies leads the corporate ETH race with $2 billion in holdings, and Sharplink follows in second place.

• Technical indicators show strong momentum, and ETH targets $4,284 as the next major price level.

Ethereum has climbed 2.87% in the past 24 hours, pushing past the $3,900 threshold as institutional demand intensifies. The surge comes alongside a 26.6% spike in daily trading volume, reaching $30 billion according to CoinMarketCap data.

The rally follows Sharplink Gaming’s latest strategic acquisition of 77,210 ETH worth approximately $295 million. The Nasdaq-listed company (SBET) continues expanding its cryptocurrency treasury, bringing total holdings to over 438,000 ETH valued at nearly $1.7 billion.

Technical Indicators Signal Continued Momentum

Market technicals support the bullish outlook for Ethereum. The MACD histogram has risen to +21.93, while the RSI-14 indicator sits at an overbought level of 81.75, reflecting strong buying pressure.

ETH has decisively broken through the 61.8% Fibonacci retracement level near $2,950. The next significant price target is $4,284, representing potential upside from current levels. The cryptocurrency remains below its all-time high of $4,863, established during the previous market cycle.

Ethereum network fundamentals also show positive trends. The network issued approximately 72,790 new ETH over the past 30 days, which Sharplink’s recent purchase alone absorbs entirely.

Corporate Treasury Race Heats Up Among Gaming Companies

Sharplink’s aggressive accumulation strategy has positioned the gaming company as a major institutional Ethereum holder. The firm received $145 million in USDC stablecoins from Circle, subsequently transferring funds to Galaxy Digital in preparation for additional ETH purchases.

However, Bitmine Technologies has emerged as the current leader in corporate ETH treasury holdings. Over recent weeks, the company doubled its position, accumulating 566,776 ETH worth approximately $2 billion. This expansion followed a substantial $500 million investment from billionaire Peter Thiel, enabling Bitmine to focus resources on Ethereum-focused strategies.

The competitive landscape includes other notable players. GameSquare Holdings launched its $100 million Ethereum treasury initiative this month with a $5 million initial purchase, acquiring 1,819 ETH at an average price of $2,749. The company plans to generate additional returns through DeFi protocols and other Ethereum ecosystem assets.

Institutional rankings show Bitmine Technologies leading with 566,776 ETH, followed by Sharplink Gaming’s 438,017 ETH. The Ethereum Foundation itself now occupies third place among institutional holders.