Sharplink Adds 10,000 ETH as Ethereum Defends Key $1.5K Support

The Ethereum price is now at a critical juncture as it is holding above the key support at $1,500 amid growing institutional interest. In the latest development, Sharplink, the second-largest Ethereum treasury company, has acquired 10,000 ETH, worth about $15.6 million at current market prices.

While this marks the platform’s first publicly announced acquisition in eight months, the move has significantly influenced the Ethereum price. Although the altcoin declined from a five-day high of $1.6K, it is still defending the critical $1.5k level.

Ethereum price stays strong amid institutional buys

On June 29, 2026, the Ethereum price rose to a five-day high of $1,630 as Bitmine disclosed an ETH purchase of about 27,000 coins. However, the altcoin couldn’t sustain this rally, and the value fell to around $1,550 on June 30.

Following Bitmine’s Ether acquisition, Sharplink, another major public holder of ETH, expanded its Ethereum treasury. The firm reportedly announced the purchase of a total of 10,000 Ether tokens, valued at $16.1 million.

In response to Sharplink’s ETH buy, the Ethereum price took a bullish turn and climbed to nearly $1.6k, regaining the positive momentum. While the token has again plummeted to the previous levels of around $1.57k, it is still able to maintain the $1.5k support zone. As noted by analysts like Ted, as long as the Ethereum price holds this critical level, a “relief rally” is imminent.

It is worth noting that Sharplink made the latest ETH purchase at an average rate of $1,611 as the Ethereum price recently surged in the wake of Bitmine’s massive accumulation. Sharplink’s move has also significantly benefitted the ETH crypto price, highlighting the growing influence of corporate interest in the altcoin.

Sharplink expands Ethereum treasury and share buyback

According to a press release, Sharplink bought 10,000 ETH tokens, bringing its total collection to 886,725. Holding about $1.4 billion in ETH, Sharplink is the second-largest Ethereum treasury, following Bitmine.

This purchase comes on the heels of the company’s $75 million capital raise through a registered offering of common stock and warrants. According to CEO Joseph Chalom, this new capital is to help expand the company’s Ethereum treasury. He stated,

In addition to the ETH purchase, Sharplink has also completed a buyback of 2,132,773 common shares. This deal was done at an average price of $4.69 per share. Now, the company’s total share repurchases have reached above 4.07 million as Sharplink continues to buy back its shares under the program launched in August 2025.

Ethereum shows strength against BItcoin

Earlier today, crypto analyst Ted Pillows took to X to share his bullish outlook on the Ethereum price, in comparison to Bitcoin. As per his analysis, ETH is showing more resilience than BTC in recent days. While BTC has plunged to a yearly low of $58k, ETH manages to hold above its critical support zone.

However, the analyst remains cautious about the altcoin. He noted, “But ETH still isn't out of danger yet. Until Ethereum reclaims the $1,700 level, the chances of a new low will go up.”

Ted believes that the Ethereum price’s strong recovery could be confirmed only when the altcoin reclaims the $1,700 level. Until then, the token is under increased risk of falling downward, revisiting previous lows.