The Ether
price faced renewed pressure on July 1, dropping to $2,418.39 following a day of steady losses, as indicated by RialCenter’s technical analysis model.
The decrease in Ether’s price coincided with a broader cryptocurrency market selloff. Data shows a total market capitalization decrease of 4.1% in the last 24 hours, significantly influenced by renewed political volatility in the U.S.
The decline follows a notable dispute between Elon Musk and Donald Trump regarding the former president’s extensive tax-and-spending plan, known as the “One Big Beautiful Bill.” Musk criticized the legislation as “utterly insane,” warning it would add $5 trillion to the national debt, reverse clean energy incentives, and negatively impact employment. He also threatened to campaign against Republican senators backing it.
Trump retaliated with personal attacks, suggesting Musk should be deported—despite his U.S. citizenship—and accused him of opposing the bill out of self-interest related to Tesla’s lost subsidies. This feud has intensified investor concerns about fiscal policy, energy markets, and regulatory stability, factors that have historically affected cryptocurrency valuations.
Amid this uncertainty, a rapidly growing list of companies are purchasing ETH as a strategic reserve asset. On Tuesday, SharpLink Gaming issued a press release announcing its acquisition of an additional 9,468 ETH—valued at $22.8 million—between June 23 and June 27. This increases its total ETH holdings to 198,167, solidifying its status as the world’s largest publicly traded holder of Ethereum. The company mentioned that most of the funds were sourced from a $24.4 million capital raise via its at-the-market (ATM) facility.
SharpLink Chairman Joseph Lubin, also a co-founder of Ethereum, stated the company is centralizing ETH within its balance sheet as part of a broader strategy to align with the digital economy. He emphasized Ethereum as a “strategic currency” rather than a mere speculative asset for future digital commerce.
The previous day, BitMine disclosed a $250 million private placement to initiate its Ethereum treasury strategy. The deal, set to close by July 3, includes notable investors such as Pantera, Founders Fund, Galaxy Digital, Kraken, and DCG. BitMine intends to designate ETH as its primary treasury reserve asset, leveraging it within staking and DeFi protocols. Chairman Thomas Lee underscored Ethereum’s significance in stablecoins and smart contracts, while CEO Jonathan Bates revealed plans to collaborate with FalconX, BitGo, and Fidelity Digital to enhance its holdings.
These events illustrate a broader shift in institutional interest towards Ethereum’s role in treasury management, despite ongoing price pressures for ETH.
Technical Analysis Highlights
- ETH dropped 3.3% in the last 24 hours, from $2,500.88 to $2,418.39, with a full swing of $96.41.
- Price fell below the $2,460 support level during the 04:00 UTC hour, prompting sustained downward pressure.
- The most significant decline happened during the 14:00 UTC hour, when ETH briefly reached $2,404.47 amid the day’s highest trading volume of 379,855.
- Recovery attempts stalled near $2,430, with resistance forming around $2,445.
- Between 20:01 and 21:00 UTC, ETH fluctuated between $2,425 and $2,418 on decreasing volume, indicating potential short-term exhaustion.
- The bearish trend structure remains, marked by lower highs and lower lows without any clear volume-based reversal signals.
Disclaimer: Sections of this article were produced with AI assistance and reviewed by our editorial team for accuracy.
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