Ethereum (ETH) drops 3.3% despite growing treasury demand from institutional players

The ether

The price underwent a modified pressure on July 1, which fell to $ 2,418.39 after a day of steady losses, according to the technical review model of CoinDesk Research.

The decline in Ether’s price came in the middle of a broader sale of the crypto market. Coingecko data shows the total market capitalization of the market that refused 4.1% in the past 24 hours, driven largely by that -updated political volatility in US

The collapse follows a high-profile dispute between Elon Musk and Donald Trump in putting a tax plan-and spending the former president, calling “a big good bill.” Musk called the law “extremely crazy,” warning that it would deepen the national debt by $ 5 trillion, reverse clean energy incentives, and work harm. He also threatened the campaign against Republican senators who supported it.

Trump responded by avoiding personally, suggesting Musk should be thrown away-despite his U.S. citizenship-and accused him of the bill from self-interest related to Tesla’s lost subsidy. The excitement has increased investor concerns around fiscal policy, energy market, and regulatory stability – issues that influence the history of crypto values.

In the midst of uncertainty, a rapid Growing list of companies is the purchase of ETH as a strategic reserve asset. On Tuesday, the Sharpink play (NASDAQ: SMET) released a Press release Saying this gained an additional 9,468 ETH – worth $ 22.8 million – between June 23 and June 27. It brings the total ETH handling of 198,167, strengthening its position as the largest public -owned world in the world of Ethereum. The company noted that most funds come from a $ 24.4 million increasing capital by its at-the-market (Atm) facility.

Sharpink chairman Joseph Lubin, who also co-established in Ethereum, said the company places the ETH in the middle of its balance as part of a broader push to align the digital economy. He has framped Ethereum not as a speculation, but as a “strategic currency” for the future of digital commerce.

The previous day, bitmine (Nyse American: BMNR) revealed A $ 250 million private placement to fund a approach to Ethereum treasury. The deal, expected to close on July 3, includes major supporters such as Pantera, Founders Fund, Galaxy Digital, Kraken, and DCG. Bitmine plans to designate ETH as the main owner of the Treasury reserve and puts it on staking and defi protocols. Chairman Thomas Lee featured Ethereum’s dominance over Stablecoins and Smart Contracts, as CEO Jonathan Bates said the company would work with Falconx, BitGo, and Fidelity Digital to expand its holdings.

Together, these developments reflect a broader transfer to institutional attitudes toward Ethereum’s role in the management of Treasury – even though ETH price action remains under pressure.

Technical assessments

• ETH has declined 3.3% in the past 24 hours, falling from $ 2,500.88 to $ 2,418.39, with a full range of $ 96.41.
• The price broke down to the bottom of the $ 2,460 support level during the UTC’s 04:00 o’clock, which led a long -standing pressure of the downside.
• The steep decline took place within 14:00 hours of the UTC, when the eth briefly sank to $ 2,404.47 in the middle of the maximum session of 379,855.
• The recovery attempts throughout the day were stuck near $ 2,430, with a resistance that forms around $ 2,445.
• Between 20:01 and 21:00 UTC, the ETH is from $ 2,425 to $ 2,418 to the decline of volume, suggesting a possible short -term stress.
• The bearish trend structure remains intact, with lower high and lower lows and no clear volume -based indicators.

Denial: Parts of this article were formed with assistance from AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s entire AI policy.