ether
According to Coindesk Research’s technical analysis model, the price was under new pressure on July 1, falling to $2,418.39 after steady losses stabilized.
The price drop in Ether is amid a sell-off in the wider cryptocurrency market. Coingecko data shows that the total market cap has dropped by 4.1% over the past 24 hours, driven in large part by political turmoil in the United States.
It was called “a big beautiful bill” after the recession after Elon Musk and Donald Trump’s high-profile controversy over the former president’s comprehensive tax and spending plan. Musk called the legislation “completely crazy”, warning that it would deepen the increase in Treasury bonds by $5 trillion, reverse clean energy incentives and damage jobs. He also threatened to oppose a campaign to support Republican senators.
Trump’s response was a personal slam, showing that Musk should be deported, despite being from the United States, and accusing him of opposing selfishness associated with Tesla’s lost subsidies. The dispute has intensified investors’ concerns about fiscal policy, energy markets and regulatory stability, issues that have historically impacted cryptocurrencies’ valuations.
In this uncertainty, Growing list of companies ETH is being purchased with strategic reserve assets. Tuesday, Sharplink Games (NASDAQ: SMET) issued Press release Say it also received an additional 9,468 ETH (worth $22.8 million) between June 23 and June 27. This raises its total ETH holdings to 198,167 and strengthens its position as the world’s largest public holder of Ethereum. The company notes that most of the funds come from $24.4 million in capital raising through its markets (ATM) facility.
Sharplink chairman Joseph Lubin, who also co-founded with Ethereum, said the company embeds ETH at the center of its balance sheet, part of a broad driving force that aligns with the digital economy. He believes that Ethereum is not a speculative asset, but a “strategic currency” for the future of digital commerce.
The day before, Bitmi (NYSE American: BMNR) public A private placement costing $250 million to fund Ethereum’s fiscal policy strategy. Deals expected to end on July 3 include major backers such as Pantera, Founders Fund, Galaxy Digital, Kraken and DCG. Bitmine plans to designate ETH as its primary Treasury bill asset and deploy it in Staking and Defi protocols. Chairman Thomas Lee highlighted Ethereum’s dominance in Stablecoins and smart contracts, while CEO Jonathan Bates said the company will work with Falconx, Bitgo and Fidelity Digital to expand its stake.
Together, these developments reflect a larger shift in institutions’ attitudes toward the role of Ethereum in treasury management, even as ETH price action remains under pressure.
Technical analysis highlight
- ETH has dropped 3.3% in the past 24 hours, from $2,500.88 to $2,418.39, with a full swing of $96.41.
- Prices below the $2,460 support level at 04:00 UTC hours triggered continued downward pressure.
- The biggest drop occurred within 14:00 UTC hours, when ETH briefly dropped to $2,404.47 in the conference’s highest volume of 379,855 volumes.
- The recovery attempts throughout the day stagnated at $2,430 close to $2,430, with resistance of about $2,445.
- Between 20:01 and 21:00 UTC, the number of ETH declines ranged from $2,425 to $2,418, indicating possible short-term fatigue.
- The bearish trend structure remains intact, high and low, with no clear volume-based reversal indicators.
Disclaimer: Part of this article was generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information, see Coindesk’s complete AI policy.
