The Ethereum price jumped over 2% in the past 24 hours as SharpLink Gaming announces that it generated 465 $ETH in staking rewards in the past week.
Following the recent uptick, the price of $ETH is still below the psychological $3K mark. Additionally, the altcoin leader’s price remains more than 1% in the red on the longer-term weekly time frame.
SharpLink’s Staking Rewards Break Past 12K $ETH
According to the X post by SharpLink announcing the latest staking rewards, the company has generated 12,079 $ETH since launching its Ethereum treasury on June 2, 2025.
At current prices, the company’s staking rewards are valued at over $36 million.
SharpLink is also currently the second-largest corporate holder of $ETH, with 866,262 tokens on its balance sheet.
The recent announcement regarding the latest staking rewards saw the company’s share price jump 3% during today’s trading session, coinciding with the rise in Ethereum’s price.
$ETH Price Attempting To Overcome Resistance, Is a Breakout Loading?
SharpLink’s announcement and $ETH’s rise come as the crypto’s price attempts to escape a negative short-term channel.
Daily chart for $ETH/USDT (Source: TradingView)
Over the past week, $ETH has been forced down by a descending channel.
That bearish trend could, however, come to an end soon as the $ETH price attempts to overcome the technical resistance at $2,985 at the time of writing.
Clearing that technical barrier could give the leading altcoin’s price the room needed to rise to as high as $3,357 in the following 48-72 hours if more buyers step in. Conversely, a rejection from the $2,985 resistance may lead to a pullback to the immediate support level at $2,777.
Looking at technical indicators, it appears a bullish scenario is more likely to play out in the coming days. Specifically, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing positive signs.
The MACD line is starting to rise towards the MACD Signal line, which could be an early indication that $ETH’s recent bearish trend is nearing its end. A confirmation of this will be if the MACD line crosses above the MACD Signal line within the next 48 hours.
Meanwhile, the Relative Strength Index (RSI) is rising towards its Simple Moving Average (SMA) line. Traders usually see this as an indication of growing buyer strength, a view supported by the current upward slope of the RSI line.
Adding to the bullish outlook is a recent X post by pseudonymous trader and analyst KALEO, who said that $ETH’s price is currently trading near an accumulation zone.
Technical conditions are favorable. There is a fair amount of room for $ETH’s price to rise before it enters overbought territory, with the current RSI reading below 50.
However, traders will want to keep an eye on how the $ETH price acts around the aforementioned $2,985 resistance level, which is also confluent with the upper boundary of the descending price channel.
