Key Highlights:
- Ether has surged by 6% in the past 24 hours, now trading above $3,100.
- It outperforms top cryptocurrencies like Bitcoin, XRP, and Dogecoin.
Ether Surpasses $3,100 as Market Turns Bullish
The cryptocurrency market has regained a bullish sentiment following a decline the previous day. Bitcoin, the leading cryptocurrency by market capitalization, dipped below $116,000 on Tuesday after reaching a historic high on Monday.
Bitcoin has since recovered to above $119,000, adding 2% to its value over the past 24 hours. However, it is Ether that stands out as the top performer among the ten leading cryptocurrencies, setting its sights on the $3,200 mark for the first time since February 2025.
This rally in Ether comes on the heels of SharpLink Gaming (SBET), a Nasdaq-listed company, surpassing the Ethereum Foundation as the largest holder of ETH after acquiring 74,656 Ether for $213 million last week.
According to a recent press release, the company gained 94 ETH through staking last week. SharpLink’s latest purchase increases its total ETH holdings to 280,706. The acquisition followed the company raising $413 million through the sale of 24.5 million shares via its At-The-Market (ATM) system last week. SharpLink still has a balance of $257 million from proceeds that have not yet been allocated for the purchase of ETH.
ETH Aims for Resistance Level of $3,437
The 4-hour ETH/USD chart shows a bullish but inefficient trend, suggesting that Ether might sweep lower liquidity before resuming upward momentum. Technical indicators point to a bullish outlook, hinting at a prolonged rally for the cryptocurrency.
Ether could potentially dip to $3,080 to enhance efficiency before targeting the first major resistance level at $3,437. In the event of a continued rally, the price could reach $3,519 for the first time since January 19.
However, bearish pressure could return if bulls fail to push ETH higher. Should this occur, ETH could test the TLQ at $2,946 within the coming hours. The market will need to turn exceedingly bearish for Ether to challenge last week’s low at $2,805.
With an RSI of 70 and MACD lines in positive territory, both indicators support a bullish sentiment for Ether.
