Ethereum has climbed 1.06 percent in the last 24 hours but declined by 7.39 percent weekly, with $15.42 billion trading during this window. Currently, the asset is changing hands at $1580.42. The thing that in fact puts all other data in perspective is the path that Ethereum took to get here is going through a correction from over $1,840 to $1,506 in mid-June prior to getting back to its present position. In the short term, it may have staged a bounce, but the downtrend remains intact.
The price is sitting below every significant moving average (MA)
Ethereum has dropped below every key moving average at the time of writing. SMA 7 stands at $1,675.94, SMA 30 is standing at $1,760.28, and SMA 200 at $2,335.36. The mentioned values are all above the current trading price of this digital asset. Today’s EMA values are also providing confirmation on these trends. With EMA 7 sitting at $1,656.41, EMA 30 at $1,780.11, and EMA 200 at $2,335.46. The weak trend below both shorter- and long-term averages is depicting that this will continue to be resistance for any type of bounce.
MACD is showing a slight shift in short-term momentum as the MACD is showing the reading at -74.67 and that reading is greater than the signal line at -78.07. The histogram has flipped positive at +3.40. Such a move could set up a little bit of a rally; however, it cannot be termed a reversal pattern. RSI is contributing to support this idea, with RSI7 sitting at 24.28, RSI14 at 30.50, and RSI21 at 32.60 resting near oversold. Sellers have already pushed the price to an oversold area and we could see it dip again but sellers will be needing more selling volume to support their side.
The resistance resting above is doing the main job
If we consider the Fibonacci levels from the swing low at $1,506.51 to the swing high at $2,092.98, the first solid resistance that comes in action is at $1,632.01. This is the 78.6 percent retracement level. Following this, the concentration of retraces subsequently narrows in the band $1,730 – $1,800 that essentially takes in both the 61.8 percent and 50 percent retraces.
This conclusion is supported by the levels in the chart itself and the weekly open is sitting at $1,736.02 and the monthly open stands at $1,999.82. As long as three totally separate measurement methods all indicate support at similar levels, it is definitely worth keeping an eye on.
Sharplink ends an eight-month pause but the timing is the issue
The long-established venture fund is on the opposite side of the move this time. Having carefully watched the market unfold on the sidelines for the past eight months, it re-emerged to accumulate an additional 5,000 ETH that was valued at $7.85 million on June 25 via FalconX, according to the on-chain data from arkham.
Prior ETH purchases by the venture fund date back to October 2025 when it purchased 19,270 ETH for $78.3 million. The fund has re entered but the current price structure of the asset and timing are least favorable at the moment.
There is also an important thing that needs to be addressed apart from the purchase itself. The average cost basis for Sharplink across its 876,285 ETH position now stands at $3,609 per coin and the asset is currently changing hands near $1,555. This makes it an unrealized loss close to $1.79 billion as per the current stack. The company chose the exact moment where the price took a correction of 5 percent over the time period of just 24 hours to add more. This is not chasing strength as a treasury buyer that is resuming the accumulation nearly two times underwater on its existing position.
This is a conviction bet on whether the average gets pulled down even further prior to when it gets pulled up, put forth by a firm whose own stock has gone through a drop of 27 percent over the past month and in the time period of six months it has roughly halved the value. Sharplink still holds the second-largest public ETH treasury after Bitmine Immersion’s 5.67 million coins, meaning that the position size isn’t negligible regardless of whether this particular add is relatively small.
