Ether (ETH) is holding steady above $3,800, according to CoinDesk Data, as the battle for dominance among corporate ETH treasuries intensifies. On Tuesday, SharpLink Gaming (SBET) it had purchased an additional 77,210 ETH last week, worth nearly $290 million at an average price of $3,756. The move raises SharpLink’s total ether holdings to 438,190 ETH, valued at roughly $1.69 billion.

The Minneapolis-based firm has now raised over $279 million in net proceeds during the week of July 21 through its at-the-market (ATM) equity facility. Since launching its ETH treasury strategy on June 2, SharpLink has aggressively ramped up purchases while generating a total of 722 ETH in staking rewards. The company also said its ETH concentration ratio — measuring total ETH held relative to fully diluted shares — has risen 70% since launch.

Despite SharpLink’s surge, BitMine Immersion Technologies (BMNR) still leads the ETH treasury race. The Las Vegas-based company on the same day that its total ETH holdings stand at 625,000 tokens, valued at $2.35 billion. BitMine also revealed a $1 billion open-ended share repurchase program, allowing it to buy back its own stock as a flexible alternative to acquiring additional ETH. Chairman Tom Lee said the move reflects “expected return calculus” as the company works toward its goal of controlling 5% of Ethereum’s circulating supply.

The competition between the two firms has become a major subplot in ether's rise. Both companies aim to become the dominant ETH treasury in public markets, often mirroring strategies once common among bitcoin-focused firms like MicroStrategy. Former BlackRock executive Joseph Chalom, now Co-CEO at SharpLink, emphasized the company’s alignment with ether's long-term value proposition and its role in reshaping financial infrastructure.

Ether’s price has remained remarkably resilient during a tense macroeconomic week. The Federal Reserve’s monetary policy decision is due Wednesday at 2 p.m. ET, with no rate changes expected, though Fed Chair Jerome Powell’s remarks may trigger volatility. Despite that uncertainty, ETH has climbed 56% in the past month as demand from ETFs and corporate treasuries outpaces new supply.

Technical Analysis Highlights

• According to CoinDesk Research's technical analysis data model, ETH traded between $3,735.12 and $3,883.90 during the 24-hour session from July 28 13:00 UTC to July 29 12:00 UTC, marking a 4% range.
• Heavy accumulation at $3,735.12 (207,182 units) triggered a bounce, lifting ETH to session highs near $3,885.
• In the final hour from 11:32–12:31 UTC, ETH rose from $3,838.34 to $3,850.19, breaching key resistance on strong volume.T
• he $3,850 zone now acts as support as ETH consolidates near its highs ahead of Wednesday’s Fed decision.

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