Ethereum broke through $4,050 resistance on August 8 following Sharplink Gaming’s $200 million direct offering announcement to expand their Ethereum treasury beyond $2 billion.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
3 mins read
Ethereum shattered the $4,050 resistance level on August 8, marking its highest price point since December 2024 as the digital asset posted a solid 6% daily rally.
The ETH price rally was initially triggered on August 7 by a significant announcement from strategic treasury investor Sharplink Gaming, confirming a $200 million direct offering backed by global institutional investors. The company revealed that proceeds will be used to expand its Ethereum treasury to over $2 billion, reinforcing its commitment to ETH as a core reserve asset.
“SharpLink is proud to be joined by globally-recognized institutional investors, augmenting our strong existing investor base and further validating our mission to be the world’s leading ETH treasury,” stated Joseph Chalom, SharpLink’s Co-Chief Executive Officer.
Ethereum price action | CoinMarketCap Aug. 8, 2025
Ethereum markets reacted positively. According to CoinMarketCap, Ethereum traded between a low of $3,864 and a high of $4,065, with daily volumes rising 35% to hit $47.1 billion at press time.
As Ethereum’s institutional adoption grows, especially among US-based corporate investors, short-term traders may continue to place upside bets, anticipating imminent capital inflows.
Ethereum closed the August 8 session at $4,045, printing a clean bullish engulfing candle that pierced above the Bollinger Band’s upper band at $4,000. This marks ETH’s first decisive close above the upper band since late July, suggesting rising volatility and momentum in favor of the bulls. Notably, ETH reclaimed the midline support at the 20-day average earlier this week at $3,719, which could serve as a steady consolidation base as traders position for further gains.
ETH is now trading in the upper volatility range between $4,009 and $4,350, with the RSI climbing to 68.99. The Bollinger Bands have started expanding again, indicating renewed directional momentum. With ETH firmly positioned above both the midline and the upper band, price action suggests continuation rather than exhaustion, yet RSI nearing 70 calls for caution.
If ETH confirms a daily close above $4,100, it would mark a technical breakout from the two-week consolidation range. With minimal resistance between $4,100 and $4,350, Ethereum could quickly accelerate toward all-time highs. The RSI would likely enter overbought territory, but this may not deter bullish momentum if volume rises concurrently.
Ethereum price forecast
On the flip side, failure to maintain a daily close above $4,000 would likely see ETH revisit the $3,695 to $3,719 support zone, with Bollinger’s midline and former resistance flipping back to support. A breakdown below $3,695 would expose ETH to the $3,600 and $3,500 range, where the lower Bollinger band currently provides immediate support. A close below that would shift the trend back to neutral.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
