ether
The price decline in ether comes amidst the selling of the broader crypto market. Coingecko data shows that total market capitalization has declined by 4.1% over the past 24 hours.
The recession follows the famous conflict between Elon Musk and Donald Trump over the former president’s sweeping tax and spending plans, dubbed “One Big Beautiful Bill.” Musk called the law “completely insanity,” warning it would deepen $5 trillion citizen debt, reverse clean energy incentives, and harm jobs. He also threatened a campaign against Republican senators who support it.
Trump has personally been involved, suggesting that Musk should be deported despite his US citizenship and accusing him of opposing the bill from his own interests related to Tesla’s lost grants. The feud has raised investors’ concerns about fiscal policy, energy markets and regulatory stability. This is an issue that has historically influenced cryptography evaluation.
Amid this uncertainty, a list of rapidly growing companies is buying ETH as a strategic reserve asset. On Tuesday, Sharplink Gaming (NASDAQ: SBET) issued a press release stating it had acquired an additional 9,468 ETH (valued by $22.8 million) between June 23rd and June 27th. The company noted that most of the funding came from $24.4 million in funding through market (ATM) facilities.
Joseph Lubin, chairman of Sharplink, who co-founded Ethereum, also said the company is embedding ETH at the heart of its balance sheet as part of a broader push that aligns with the digital economy. He framed Ethereum not as a speculative asset, but as a “strategic currency” for the future of digital commerce.
The previous day, Bitmine (NYSE American: BMNR) disclosed a privately owned placement of $250 million to fund its Ethereum financial strategy. The deal, which is expected to close by July 3rd, includes key supporters such as Pantera, Founders Fund, Galaxy Digital, Kraken and DCG. Bitmine will designate ETH as a major Treasury protected asset and deploy it to staking and defi protocols. Chairman Thomas Lee highlighted the advantage in Ethereum’s stubcoin and smart contracts, while CEO Jonathan Bates said the company will partner with Falconx, Bitgo and Fidelity Digital to expand its holdings.
Together, these developments reflect a broader shift in institutional attitudes towards Ethereum’s role in financial management despite the pressures of ETH price behavior.
Technical Analysis Highlights
- ETH fell 3.3% over the past 24 hours, falling from $2,500.88 to $2,418.39 with a full-range swing of $96.41.
- The price fell below the $2,460 support level during the 04:00 UTC time, causing sustained shortcoming pressures.
- The most sharp decline occurred at 14:00 UTC time. This marked a brief drop in ETH to $2,404.47 amid the highest volume of the session, 379,855.
- The recovery attempt stalled at nearly $2,430 throughout the day, bringing resistance to around $2,445.
- Between 20:01 and 21:00 UTC, ETH ranged between $2,425 and $2,418 with reduced volume, suggesting possible short-term fatigue.
- The bearish trend structure remains intact, with low and low values low, and no clear volume-based inversion indicators.
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