Ethereum (ETH) staged a modest rebound since June 23, following the Israel-Iran tensions-led market rout over the weekend. The recovery helped ETH price move back above $2,400, though bulls are struggling to break past $2,500. The broader market bounced after investors responded positively to news that tensions between Israel and Iran appeared to have de-escalated.
U.S. equities also opened higher, with analysts noting the absence of additional airstrikes or retaliatory action. Easing geopolitical anxieties helped global risk assets regain footing, offering relief to both crypto and equity markets after a volatile June start.
Meanwhile, investors and analysts remained bullish on ETH price action, commenting that ETH may be entering a more favorable cycle.
Analysts Turning Bullish on ETH Price Prospects
Despite ETH’s range-bound movement, the wider crypto market remained bullish on the token’s price action. Crypto analyst Mister Crypto flagged an ascending triangle on ETH’s daily chart—commonly viewed as a bullish continuation structure—with the token repeatedly testing horizontal resistance while forming higher lows.
Such patterns generally imply decreasing sell-side momentum and a possible upward resolution if supported by volume.
The pattern suggests buyers have continued to step in on each retest of the trendline support, while sellers appear unwilling or unable to push ETH materially lower. A break above the upper boundary would complete the pattern and likely trigger a bull run for the ETH USD pair, particularly if the breakout aligns with improved macro sentiment.
Another angle comes from a trader account going by the username CryptoELITES, which focused on the ETH/BTC pair. The pair’s chart highlighted a bounce from a multi-year horizontal support band, historically a turning point for Ethereum’s relative strength versus Bitcoin.
The ETH/BTC pair had been dropping steadily, but now shows signs of stabilization. Technical traders often interpret such triple-bottom structures as a base formation, with upside potential should the pair maintain momentum above the recent inflection point.
Another analyst and trader, RJT WAGMI, emphasized ETH’s on-chain strength. He noted that 22.8 million ETH is now in accumulation addresses. His assertion—that the wallets were not selling but accumulating the ETH tokens—aligns with a visible uptick in long-term wallet balances. This suggests that passive supply tightening may amplify any breakout scenario.
Adding to Ethereum’s treasury asset narrative, SharpLink Gaming bought $30 million worth of Ethereum to its corporate treasury. This marks one of the largest direct ETH purchases by a U.S.-listed firm to date.
The acquisition follows its $2 million ETH buy earlier in 2025, bringing its total holdings to $32 million. The company claimed it sees Ethereum as a “strategic asset,” citing its long-term role in decentralized infrastructure, programmable finance, and tokenized value networks.
The move triggered a 7% spike in SharpLink’s stock price. This reflects investor approval of the balance sheet diversification. While Bitcoin has dominated the narrative around corporate adoption due to its store-of-value branding, SharpLink’s ETH allocation underscores the growing appeal of programmable assets that offer liquidity and long-term utility.
Ethereum’s use case as collateral in DeFi, gas for on-chain applications, and a base layer for tokenized assets has gained legitimacy among CFOs looking to future-proof their balance sheets. The SharpLink buy joins a small but expanding cohort of non-crypto native firms adding ETH to their reserves. Notably, these institutional investors are diverging from the traditional Bitcoin-only approach.
As Ethereum’s institutional credibility builds, the market will likely start pricing in network usage and treasury-level conviction. This is something that has been historically reserved for sovereign-grade assets.