On Tuesday, July 15th, the crypto market witnessed heightened volatility amid the regulatory development in the U.S. House as they voted on three crypto bills. The Ethereum coin showcased the current market uncertainty with a notable price spread between $2,927 and $3,098. While the short-term trend shows a lack of conviction from buyers or sellers, the institutional investors continue to stack more ETH, indicating their confidence in the asset’s long-term growth.
SharpLink Gaming Boosts ETH Holding with $15.76M Purchase
Over the past week, the Ethereum price witnessed a high-momentum rally from $2,523 to a recent high of $3,098. A primary trigger to this buying pressure was the investors optimism ahead of the ‘Crypto Week’ as U.S. House of Representatives was set to vote on three crypto-related bills, including Crypto Genius Act, the Clarity Act & the Anti‑CBDC Act
However, on June 15th, the US House failed to advance these bills, as 210 Democrats and 13 Republicans voted against them. As a result, a majority of major cryptocurrencies, including ETH, recorded sharp volatility.
Despite the short-term uncertainty, the institutional investors continue to short their confidence in ETH. According to Arkham Intelligence, SharpLink Gaming has accumulated an additional 5,188 ETH, worth approximately $15.76 million.
Following the recent acquisition, the company now holds a total of 285,894 ETH, currently worth $871.19 million.
SharpLink Gaming’s aggressive accumulations signal a rising wave of institutional interest in ETH, which could bolster a sustained uptrend in this asset.
Channel Pattern Drives Current Recovery in Ethereum
The four-hour chart analysis of Ethereum price shows the current recovery is actively resonating within the channel pattern. The coin price bounded at least twice from each trendline indicates the credibility of this pattern for offering dynamic support and resistance.
Even with today’s sharp volatility in the market, the ETH price showed a long weak rejection from the pattern’s resistance trend at $3,090. If the overhead selling persists, the coin price could revert 3% down and retest the bottom trendline at $2,920.
If the price breaks below the support trendline, the bearish momentum will accelerate and drive the market into a deeper correction trend.
However, until the pattern is intact, the buyers remain in control and drive a sustained bullish recovery.
Credit: Source link
