Ethereum traded at $3,908 at press time, gaining 3.2% in the past 24 hours and 61% over the last 30 days.

The price rebounded from a recent low of $3,530 on July 24 and is now pushing toward $4,000, a key psychological price level. Increasing derivatives and trading activity suggests that investor interest is growing.

Trading volume surged to $32.95 billion in the last 24 hours, a 47.3% increase from the previous day. As per CoinGlass data, open interest rose 7.72% to $59.94 billion, while 24-hour derivatives volume increased 61.44% to $89.16 billion, indicating that traders are positioning for volatility.

The total open interest of Ethereum eth3.81%Ethereum futures contracts across the network has now surpassed $60 billion, setting a new record high. The recent gains coincide with a fresh wave of institutional Ethereum accumulation.

SharpLink expands ETH treasury holdings

According to Lookonchain, blockchain data shows that gaming and data firm SharpLink purchased another 77,210 ETH, worth about  $295 million, on July 28. This brings its total ETH holdings to 438,017, about $1.69 billion in value. Most of this ETH is staked through platforms like Figment and Hoppers DApp.

SharpLink’s ETH purchases are funded by an ambitious equity sale program. The firm has expanded its equity target from $1 billion to $6 billion, having already raised $721 million, including a $425 million private placement backed by Consensys, Pantera, ParaFi, and Electric Capital.

The company is establishing itself as a long-term institutional ETH holder, with Ethereum co-founder Joseph Lubin serving as chairman and former BlackRock strategist Joseph Chalom serving as co-CEO. SharpLink would own more than 1 million ETH, or roughly 1% of the total supply, if it meets its ETH acquisition goal.

According to ETH Strategic Reserve data, the company is now the second largest holder of ETH, just behind Bitmine Immersion Tech, which currently holds 566,000 ETH.

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Ethereum technical outlook: bullish momentum strengthens

Ethereum’s daily chart shows sustained bullish momentum. Price has consistently closed above the 20-day SMA, which now acts as short-term support at $3,432.  The expansion of Bollinger Bands show increased volatility, and ETH is riding the upper band, which is usually a bullish continuation signal.

With a relative strength index of 82.89, the market is overbought. Generally speaking, readings above 80 come before brief declines or periods of consolidation. But since the RSI line has not yet curved downward, momentum is still present.

Unless the price closes below the $3,600 support, the uptrend is still in place. A push above $4,000 would confirm breakout strength, with the next key level at $4,168. On the downside, a drop below the 20-day SMA could trigger a retracement toward $3,250.