The ether
The price was undergoing pressure on July 1 and fell to $ 2,418.39 after a day of stable losses, according to Coindesk Research’s technical analysis model.
Ether’s price drop came in the midst of a wider crypto market sale. CoingeCKO data shows that the total market value decreased 4.1% over the last 24 hours, driven largely by renewed political volatility in the US
The downturn follows a high-profile conflict between Elon Musk and Donald Trump over the former president’s sweeping tax-and expenses, called the “a big beautiful bill.” Musk called the legislation “completely insane”, warning that it would elaborate on national debt with $ 5 trillion, reverse pure energy incentives and damage employment. He also threatened to campaign against Republican Senators supporting it.
Trump responded by striking out personally, suggesting that musk should be deported-despite his US citizenship and accused him of opposing the bill of self-interest related to Tesla’s lost subsidies. The feud has increased the investor’s concerns about fiscal policy, energy markets and legislative stability – issues that have historically affected crypto values.
In the midst of this uncertainty, a fast -growing list of companies is buying ETH as a strategic reserve asset. Tuesday, Sharplink Gaming (Nasdaq: sbet) Issued a press release that it had acquired an additional 9,468 ETH – worth $ 22.8 million – between June 23 and June 27. This brings its overall ETH holdings to 198,167, which strengthens its position as the world’s largest publicly acted proprietor of Ethereum. The company noted that most of the funds came from a capital increase of $ 24.4 million through its market (Atm) Facility.
Sharplink chairman Joseph Lubin, who also founded Ethereum, said the company is embeding ETH at the center of its balance as part of a wider push to adapt to the digital economy. He framed Ethereum not as a speculative asset, but as a “strategic currency” for the future of digital trade.
The previous day, bitmine (Sneezing american: bmnr) revealed a private ranking of $ 250 million to finance an Ethereum Treasury strategy. The deal, which is expected to close before July 3rd, includes larger backers such as Pantera, Founders Fund, Galaxy Digital, Kraken and DCG. Bitmine plans to designate ETH as its primary state reserve assignment and implement it in efforts and defi -protocols. Chairman Thomas Lee highlighted Ethereum’s dominance in stableecoin and smart contracts, while CEO Jonathan Bates said the company will collaborate with Falconx, Bitgo and Fidelity Digital to expand his stocks.
Together, this development reflects a broader shift in institutional attitudes to the role of Ethereum in the Treasury – even when the ETH prize remains under pressure.
Technical analysis highlights
- ETH dropped 3.3% over the last 24 hours and fell from $ 2,500.88 to $ 2,418.39 with a full range of $ 96.41.
- The price broke below $ 2,460 support level during 04:00 UTC HOUR, which triggered sustained downward pressure.
- The steepest decline took place during the 2nd of 2pm UTC hour when ETH card dipped for $ 2,404.47 in the middle of the session’s highest volume of 379,855.
- Recovery attempts all day stopped near $ 2,430, with resistance formed about $ 2,445.
- Between 20:01 and 21:00 UTC ranged ETH from $ 2,425 to $ 2,418 on falling volume, which suggests possible short -term exhaustion.
- Bearish trend structure remains intact with lower heights and lower low and no clear volume -based reversing indicators.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
