Ether struggles near $2,400 amid broader crypto selloff, despite increased institutional interest.

From Yahoo Finance: 2025-07-01 17:53:00

The price of Ether (ETH) dropped to $2,418.39 on July 1 amid a broader crypto market selloff, with total market capitalization declining by 4.1% in the past 24 hours due to political volatility in the U.S. This followed a public dispute between Elon Musk and Donald Trump over a tax-and-spending plan.

SharpLink Gaming acquired 9,468 ETH worth $22.8 million, increasing its total holdings to 198,167 ETH. The company raised most of the funds through a $24.4 million capital raise, positioning itself as the world’s largest publicly traded Ethereum holder. Chairman Joseph Lubin emphasized ETH as a strategic currency for the digital economy.

BitMine announced a $250 million private placement to initiate an Ethereum treasury strategy, with backers like Pantera and Founders Fund. The company plans to use ETH as its primary treasury reserve asset and partner with FalconX, BitGo, and Fidelity Digital to expand its holdings. This institutional interest reflects a shift in attitudes towards Ethereum’s role in treasury management.

ETH declined 3.3% in the past 24 hours to $2,418.39, breaking below the $2,460 support level. Recovery attempts near $2,430 faced resistance at $2,445, with a possible short-term exhaustion signal. The bearish trend structure remains, characterized by lower highs and lower lows without clear reversal indicators based on volume.



Read more at Yahoo Finance: Why Is Ether Struggling Near $2,400 Even as More Firms Add ETH to Their Treasuries?