Ethereum Reclaims $3,000: What’s Driving the Renewed Bullish Momentum? 

Ethereum is once again trading above the key $3,000 level after a 2.4% price jump brought it to $3,044 on July 14.

The recovery aligns with Bitcoin’s new all-time high and a major accumulation event by SharpLink Gaming, adding further momentum to the altcoin rally.

Bitcoin rally drives altcoin optimism

Bitcoin’s surge to above $122,000 triggered a wave of bullish sentiment across the crypto market, liquidating over $700 million in mostly short positions. Ethereum followed suit, benefiting from its strong correlation with BTC. The total crypto market cap jumped 3.77% to $3.82 trillion as investors rotated into altcoins, especially those with strong staking mechanics like ETH.

SharpLink Gaming’s massive ETH purchase boosts confidence

In a move that caught the attention of institutional watchers, SharpLink Gaming acquired 270,000 ETH worth roughly $463 million. Notably, the firm staked 95% of the holdings, removing a significant portion of ETH from liquid circulation. The move signals growing institutional conviction in Ethereum’s role in decentralized finance and its staking-based yield potential.

READ MORE:

Bitcoin Blasts Past $121,000 as Institutions Fuel Rally—Will Altcoins Follow?

Technical momentum confirms bullish breakout

Ethereum’s move above $3,000 broke past a key Fibonacci resistance level at $2,820. The RSI now reads 71.54, indicating strong momentum but nearing overbought territory. The MACD histogram also shows positive divergence at +53.63, suggesting continued strength. Should momentum hold, the next technical resistance lies near $3,288, based on the 127.2% Fibonacci extension.

With institutional accumulation and market-wide bullish sentiment converging, Ethereum’s push above $3,000 could be the start of a broader move—especially if Bitcoin maintains its grip above $120,000.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.