Ethereum's recent breakout above $1,600 was short-lived as sellers pushed the token back below this key psychological mark. Despite institutional buying from corporate treasury firms, including Bitmine Immersion Technologies and SharpLink Gaming, the rally quickly lost momentum.
Bitmine, which has joined the Russell 1000 Large Cap Index, disclosed that it had increased its Ethereum treasury to 5.70 million ETH, equivalent to about 4.7% of the circulating supply. The company also staked around $7.7 billion worth of those holdings through its Made in America Validator Network, a strategy it estimates could generate roughly $246 million in annualised staking rewards.
Fresh buying also emerged from SharpLink Gaming, which acquired 39,196 ETH worth about $62.4 million over three days through a mix of over the counter deals and direct purchases. The accumulation lifted SharpLink's treasury to nearly 876,000 ETH, keeping it behind only Bitmine among publicly listed corporate Ether holders.
CoinGecko data showed Ethereum trading around $1,586 at the time of writing after briefly reaching near $1,630. Market analysts attributed the rejection to heavy resistance near the 78.6% Fibonacci retracement level around $1,619. The token remains almost 50% below its yearly opening price and has lost nearly 22% over the past month.
The recent rebound lacked strong participation from derivatives traders, with total Ethereum open interest at about $9.4 billion. According to crypto analyst Daan Crypto Trades, Ethereum may need to reclaim the $1,750 level to show signs of a sustained recovery.