invezz.com
The cryptocurrency market is starting the week on a bearish note, with Bitcoin and Ethereum recording losses over the past few hours.
Ethereum has lost over 2% of its value in the last 24 hours and has dropped below $1,900.
The bearish performance comes as SharpLink Inc. reported a net loss of $394.3 million for the second quarter of 2026 as falling cryptocurrency prices weighed heavily on the value of its Ethereum treasury.
The result was nearly four times the $103.4 million loss recorded during the same period in 2025, according to a regulatory filing published Monday.
SharpLink attributed most of the quarterly loss to $321 million in unrealized losses on its $ETH holdings.
The company also recorded $76.1 million in impairment charges connected to its liquid staking tokens, including LsETH and weETH.
SharpLink raises $75 million and expands $ETH holdings
During the quarter, SharpLink raised approximately $75 million through a direct offering of more than 10.013 million shares of common stock. The shares were issued at $7.49 each.
The company used part of the proceeds to acquire an additional 10,000 $ETH. It also repurchased 2.1 million shares at an average price of $4.70 per share.
SharpLink finished the quarter with 886,881 $ETH as of June 30.
Since then, the company has increased its holdings to 888,938 $ETH, reinforcing its position as one of the largest publicly traded corporate holders of Ethereum.
The company also joined the Russell 2000 and Russell 3000 indexes following their June 2026 reconstitution.
Inclusion in the benchmarks could increase SharpLink’s exposure to institutional investors and index-tracking funds.
In addition to that, BitMine Immersion Technologies (BMNR) also continued expanding its Ethereum treasury while buying back its shares.
The company repurchased three million shares of common stock last week, bringing its total buybacks since July to 19.1 million shares.
The purchases were conducted under BitMine’s previously authorized $4 billion share-repurchase program.
BitMine also acquired another 7,391 $ETH, increasing its total holdings to 5.805 million $ETH.
Of that amount, the company has staked approximately 5.067 million $ETH through its Made in America Validator Network, or MAVAN.
Its staked balance increased by roughly 150,000 $ETH from the previous week.
BitMine estimates that its staking position is generating annualized revenue of approximately $257 million.
Chairman Thomas Lee said softer inflation and employment data could create more favorable conditions for cryptocurrencies by reducing expectations of further monetary tightening.
Lee noted that the market-implied probability of a September Federal Reserve rate hike had declined to 40% from 75% two weeks earlier. He added that easing financial conditions could provide a tailwind for the crypto market.
BitMine also reported a $180 million investment in Beast Industries, a $69 million position in Eightco Holdings and $104 million in cash and marketable securities.
Ethereum technical outlook: $ETH retests its 50-day EMA
The $ETH/USD one-day chart is bearish but efficient, as Ethereum has underperformed over the past 24 hours.
Ethereum experienced $49.58 million in liquidations over the past 24 hours, according to Coinglass.
Long positions accounted for $43.34 million of that total, indicating that bullish traders absorbed most of the losses.
On the 4-hour chart, $ETH remains in a neutral consolidation phase. The cryptocurrency is trading close to its 20-day and 50-day Exponential Moving Averages at $1,884 and $1,862.
However, the 100-day EMA at $1,924 continues to restrict its upside, preventing Ethereum from establishing a clear bullish trend.
Momentum indicators also reflect uncertainty.
The Relative Strength Index remains slightly below the neutral 50 level, while the Stochastic Oscillator is hovering in the low-40 range.
Both readings suggest that neither buyers nor sellers currently have decisive control.
Ethereum’s first major resistance level is the 100-day EMA at $1,924. A sustained move above that indicator could allow $ETH to challenge the horizontal resistance at $1,961.
If buyers overcome those barriers, the next upside targets would be located around $2,172 and $2,431.
On the downside, the 50-day EMA at $1,862 provides immediate support. A stronger support zone sits near $1,809.
A daily close below $1,809 could increase bearish pressure and expose $ETH to deeper support levels at $1,701 and $1,507. Buyers may attempt to defend those zones to preserve Ethereum’s broader recovery outlook.