• Ethereum MVRV score was at 1.16, but as long as ETH doesn’t break above the trendline, any chances of significant gains might be negated.
• Sharplink Gaming accumulated another 5,989 ETH worth $14.45 million through Galaxy Digital.

At press time, Ethereum [ETH]was trading below the $2500 price level, erasing its recent momentum that had seen it outperform Bitcoin [BTC] in Q2.

That said, ETH’s ability to remain bullish now hinges on two key conditions.

At the time of writing, Ethereum’s MVRV ratio stood at 1.16, slightly above the neutral threshold, signaling that holders are in modest profit territory. 

While this suggests some bullish sentiment, ETH remains constrained by a long-term descending trendline in place since 2018.

First, for ETH to gain strong upward momentum, it must break decisively above this resistance line. A breakout could restore market confidence and trigger a sustained rally.

However, if the MVRV stays below the trendline, ETH may continue to move sideways or face renewed selling pressure. 

As long as the price-to-realized-value remains capped by this ceiling, expectations of a full recovery or major rally would remain premature.

Next, Ethereum’s price has been unable to break past the key resistance at $2,575. Without a strong daily close above this level, ETH is likely to remain range-bound.

If bulls succeed in pushing the price above $2,575, Ethereum could rally toward $2,850, a level that previously triggered a rejection. 

However, failure to maintain momentum above $2,575 may reignite bearish pressure, potentially driving ETH down toward the $1,750 support zone, which served as a critical base in March.

The visible range volume profile shows strong historical interest between $2,100 and $2,300, making this a key zone for determining Ethereum’s next move.

Meanwhile, the Relative Strength Index (RSI) sat at 46.85, as of writing, reflecting neutral momentum with no signs of overbought conditions.

In conclusion, a confirmed breakout above $2,575 could reignite Ethereum’s bullish trend. 

On the other hand, failure to clear this level may trigger a fresh downtrend or increased price volatility.

Meanwhile, Sharplink Gaming obtained 5,989 ETH valued at $14.45 million, and the transaction trail affirmed that the flow was through Galaxy Digital.

The move bolstered institutional confidence in Ethereum, signaling that the firm was strategically positioning itself for future market growth. 

Exchange activity also highlighted growing involvement in key crypto infrastructure.

As ETH trading momentum began to recover, this behavior reflected a longer-term accumulation strategy aimed at securing a stronger market foothold.