SharpLink’s Ethereum Accumulation Aligns With ETH’s Break Above $2,960

• SharpLink accumulates over 215K ETH, fueling Ethereum’s rally toward $3,000.
• ETH trading volume jumps 47%, signaling renewed investor demand and exchange activity.
• No major sell-offs seen as whale accumulation aligns with Ethereum’s 5.87% daily price gain.

Ethereum’s price has surged past $2,960 following a series of high-volume purchases by institutional entities, with blockchain analytics pointing to SharpLink as a key buyer. The data points out a coordinated accumulation strategy that began in June, intensifying market activity and potentially influencing the asset’s recent upward momentum.

CryptoQuant data shows that Ethereum’s rally over the past month is closely tied to a string of large purchases. On June 9, SharpLink acquired over 176,000 ETH when the price hovered around $2,800, marking the largest single acquisition by the firm in the period analyzed. This transaction was followed by a series of smaller buys in July, 12,376 ETH on July 3, 5,444 ETH on July 5, and 3,210 ETH on July 7, suggesting ongoing confidence during consolidation phases.

The chart tracking SharpLink’s activity did not show any major sell events, reinforcing the likelihood of long-term accumulation rather than short-term speculation. These purchases came after a prior period of volatility between March and April, when ETH dropped below $1,600 before recovering and consolidating above $2,000 in May.

On July 11, Ethereum’s price reached $2,969.86, marking a 5.87% daily increase. CoinMarketCap reported a trading volume of $43.98 billion in the past 24 hours, up 47.39%, indicating heightened demand and rising transactional activity across exchanges.

Market Behavior Reflects Strengthened Sentiment

Ethereum’s price behavior since late June has shown signs of consistent upward pressure. A steep rally began during the night of July 10 and carried into the next day, with price action nearly breaching the $3,000 resistance level for the first time since early 2024. Throughout July 11, ETH sustained higher lows, pointing to strong intraday support.

Recently, SharpLink bought 10,000 ETH of Ethereum foundation for OTC, which brought its holdings up to 215,634 ETH, making it one of the largest open holders of ETH. According to analysts tracking the data provided by CryptoQuant, this accumulation trend was observed along with Ethereum coming out of consolidation.

As of writing, ETH’s market cap was $358.5 billion, which is almost the same as its fully diluted value. The circulating supply did not change significantly, remaining at 120.71 million ETH, and no macroeconomic or news activity was reported to be driving up the price.