Ethereum (ETH) unexpectedly dropped below the 4,100 USD threshold during Tuesday's trading session, despite SharpLink just announcing plans to pump 200 million USD worth of ETH from reserves to the Linea network, through a strategic alliance with EtherFi, EigenLayer, and Anchorage.
SharpLink partners with Linea, EtherFi, EigenLayer, and Anchorage in a 200 million USD initiative
SharpLink Gaming ( SBET) – the company managing the Ethereum reserve – has just announced plans to deploy 200 million USD worth of ETH from the fund to Linea, the Layer 2 solution backed by ConsenSys, in the coming years. This move is part of a strategic partnership with EtherFi ( liquidity staking protocol ), EigenLayer ( restaking platform ), and Anchorage Digital Bank ( digital asset custody bank ).
Based in Minnesota, SharpLink has already staked most of its assets to generate income, and now wants to go further by optimizing yields through the restaking mechanism – a financial trend currently gaining attention on Ethereum.
Anchorage Digital Bank will act as a custodian and support the entire process of capital deployment for SharpLink.
“By leveraging Linea's standardized organizational infrastructure, we are unlocking numerous opportunities for optimizing on-chain yields, while ensuring scalability, security, and interoperability,” SharpLink emphasized in a statement on Tuesday. Accordingly, the yield will come from the base profits of Ethereum, restaking rewards for securing AVS services on EigenCloud, along with direct incentives from Linea and ether.fi — all deployed in a regulated Layer 2 environment.
The company expects this initiative to contribute to the growth of Ethereum and the entire ecosystem. The chairman of SharpLink is none other than Joseph Lubin — co-founder of Ethereum and CEO of ConsenSys — further strengthening the strategic link between the parties.
After a long time out of the market, SharpLink has returned to buy 19,271 ETH from the capital raised through a private sale. The total assets currently held reach 859,853 ETH, making the company the second largest Ethereum reserve after BitMine (BMNR).
SBET shares are currently trading around 13.7 USD, down nearly 4% on the announcement date.
However, investors remain cautious, especially as ETHZilla has started to sell a portion of its held ETH to fund the stock buyback program — raising new concerns about Ethereum reserves.
Ethereum Price Forecast: ETH Falls Below Key Level of 4,100 USD, Testing the 100-Day EMA
Ethereum witnessed a strong wave of liquidations in the past 24 hours with a total value of over 121.8 million USD, of which Long positions alone accounted for up to 93 million USD.
The price of ETH fell below the important threshold of 4,100 USD as well as the 50-day EMA on Tuesday, after failing to break through the resistance zone of 4,270 USD. If it continues to lose the 100-day EMA, this coin may retreat to test the key support area around 3,800 USD.
ETH/USDT daily chart | Source: TradingViewOn the contrary, the bulls need to quickly push ETH back above the 4,270 USD mark and break the downtrend line to open up the opportunity to test the 4,500 USD area.
Technical indicators such as RSI and Stochastic Oscillator have both turned downward after a short rebound, indicating that selling pressure is gradually regaining dominance.
SN_Nour
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