Ethereum Price Drops to $2,500 but Recovery to $3,000 Expected
Ethereum's price has decreased to $2,500 amid a market sell-off, but on-chain data and increased inflows into spot Ethereum ETFs suggest a potential recovery towards $3,000. SharpLink Gaming has filed with the SEC for a $1 billion stock offering aimed at expanding its Ether Treasury.
On-Chain Metrics Support Ethereum Price Recovery
- Ethereum corrected 9% after rejecting $2,700, resulting in $160 million in liquidations of bullish ETH futures positions.
- ETH futures' annualized premium remains near 6%, suggesting stability in the market.
- As long as Ethereum holds above $2,468, there is potential for a rally up to $3,900.
- A successful retest of support levels has been noted recently.
SharpLink Gaming Files With US SEC For $1 Billion ETH Purchases
- SharpLink Gaming plans to raise $1 billion through a common stock offering to acquire Ether.
- The SEC filing emphasizes the intention to use proceeds primarily for purchasing ETH.
- The company appointed Ethereum co-founder Joseph Lubin as board chairman, leading to a 400% surge in stock value on May 27.
REX Shares files for Staking on Ethereum ETFs
- REX Shares has filed to introduce staking for spot Ethereum ETFs in the U.S.
- This initiative could launch within weeks, utilizing a unique fund structure that avoids traditional approval processes.
- Spot Ethereum ETFs have seen ten consecutive days of inflows, with significant contributions from BlackRock’s iShares Ethereum Trust (ETHA).
Source: Laevitas.ch