Ethereum price closed July up 48%, with traders watching the $4,000 resistance zone.
In a boost to its treasury strategy, SharpLink Gaming bought $52.56 million worth of Ethereum on August 2, 2025.
The move comes as analysts point to signs that ETH price may be heading for another major breakout.
Notably, the large buy stirred interest as the price approached a key resistance level.
SharpLink Gaming bought Ethereum worth $52.56 million on August 2, 2025. This was revealed in a post by on-chain analyst Ted Pillows.
According to him, the transaction was made through Galaxy Digital, one of the well-known over-the-counter (OTC) servicing firms in the crypto market.
Blockchain records showed that over 14,900 ETH was moved in a single transaction.
According to the update, the funds went from Galaxy Digital’s wallet to another linked address.
Meanwhile, several other ETH transfers also took place around the same time, with wallets tied to Binance, OKX, and Coinbase.
It is worth noting that this is not the first time SharpLink has made a big Ethereum purchase, but this transaction stood out due to its size.
The company has not yet released any public statement explaining further details behind the buy.
However, some believe it might be linked to the way Ethereum’s price has been acting lately.
Traders and analysts have been pointing out that ETH might be getting ready to move higher.
In his post on X, Ted described the move as an example of smart money entering the market.
He suggested that while many small traders are unsure of what to do, bigger players are buying quietly during moments of doubt.
It is worth noting that market experts have also been talking about a possible breakout.
One of them, known as Merlijn The Trader, posted a chart comparing Ethereum’s current position to what happened in 2020.
Back then, ETH price crossed the 50-week moving average and went on to gain nearly 10 times in value.
According to Merlijn, Ethereum price has just done the same thing in 2025. He noted that this time, the market is more developed.
Similarly, there are now Layer 2 networks, Ethereum-based ETFs, and stronger global interest. All of this could support the price if demand from the different channels keep rising.
Another market watcher, Crypto Caesar, said he remains positive on ETH. He pointed out that Ethereum price had breakouts in 2017 and 2021.
He believes 2025 might follow the same pattern, though he warned that there could be short-term setbacks before any big move happens.
The charts shared in his post also showed ETH pushing up against a key resistance line.
He said that patience was important, especially as this would be the third time ETH is testing the same area.
It is worth mentioning that based on market data, ETH price finished July with a 48% gain. This was a stronger showing than Bitcoin, which ended the month up by just 8%.
The performance marked a shift from the past two years. In both 2023 and 2024, Ethereum closed July in the red.
Based on these historical trends, attention is now on whether August will also break from its recent trend.
For context, in 2021, ETH price had one of its strongest runs. It started the year at $736 and peaked at $4,868 by November. That remains its all-time high.
Traders say ETH will need to break above the $4,000 level to confirm a bigger rally. For now, the charts show prices moving in that direction.
Again, SharpLink’s new buy came just as ETH reached this key zone. Whether this signals the start of another major run remains to be seen.
However, it shows that some large buyers are not waiting to find out.
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