Bitcoin and Ethereum started the week lower, with Ethereum sliding more than 2% over the past 24 hours and trading back below $1,900. The move comes as corporate disclosure and crypto-linked balance-sheet pressures added to a risk-off tone in the market, alongside investors watching key technical levels for ETH.
On the company side, SharpLink Inc. reported a second-quarter net loss of $394.3 million, attributing much of the downturn to unrealized losses tied to its Ethereum holdings. Separate corporate activity also highlighted the ongoing playbook of expanding ETH treasuries and continuing buybacks, though near-term price action suggests investors are still focused on drawdowns in crypto assets and liquidity-related charges.
Key takeaways
- Ethereum fell to trade below $1,900 after losing more than 2% in the last 24 hours.
- Catalyst: SharpLink’s second-quarter $394.3 million net loss, driven largely by unrealized losses on its ETH treasury, weighed on sentiment.
- Market implication: ETH is retesting moving-average levels, with technical resistance overhead that could limit rebounds without confirmation.
- Context: Some crypto-focused public companies continue adding to ETH holdings and executing share buybacks, but recent losses reinforce near-term volatility.
What drove Ethereum’s drop below $1,900
Ethereum’s near-term weakness aligns with SharpLink Inc.’s quarterly update, which underscored how falling crypto prices can quickly flow through corporate results for firms with concentrated crypto exposure. According to a regulatory filing published Monday, SharpLink reported a net loss of $394.3 million for the second quarter of 2026.
The company said most of the quarterly loss reflected $321 million in unrealized losses on its ETH holdings. It also recorded $76.1 million in impairment charges connected to liquid staking tokens, including LsETH and weETH. The filing further indicated the loss was close to four times the $103.4 million loss reported in the same quarter of 2025, highlighting the scale of the drawdown compared with the prior year.
SharpLink’s disclosures are likely to have mattered for investors because they connect crypto price declines directly to balance-sheet and income-statement outcomes—an issue that tends to amplify volatility when markets are already under pressure.
Fundraising, treasury expansion and what’s next for corporate ETH exposure
Despite the loss, SharpLink also detailed capital actions and ongoing ETH accumulation. During the quarter, the company raised approximately $75 million through a direct offering of more than 10.013 million shares of common stock issued at $7.49 each, according to the filing. It used part of the proceeds to acquire an additional 10,000 ETH.
SharpLink also repurchased 2.1 million shares at an average price of $4.70 per share. The company ended the quarter holding 886,881 ETH as of June 30 and later increased its holdings to 888,938 ETH.
In addition, SharpLink said it joined the Russell 2000 and Russell 3000 indexes following their June 2026 reconstitution. Index inclusion can broaden the investor base through index-tracking funds, which investors typically view as supportive for longer-term demand for shares—though it does not insulate the company from mark-to-market effects when crypto prices fall.
Another corporate update referenced continued expansion by BitMine Immersion Technologies. The company reported buying back shares under its previously authorized $4 billion repurchase program and increasing its total ETH holdings to 5.805 million ETH, with roughly 5.067 million ETH staked through its Made in America Validator Network (MAVAN). BitMine estimated its staking position is generating annualized revenue of approximately $257 million.
Market reaction through derivatives and ETH technical levels
Beyond fundamentals, positioning and technical signals pointed to uncertainty. Data cited from Coinglass showed Ethereum recorded $49.58 million in liquidations over the past 24 hours. Long positions accounted for $43.34 million of that total, suggesting bullish traders absorbed most of the forced selling.
Technically, the ETH/USD one-day chart was described as bearish but “efficient,” reflecting underperformance over the past 24 hours. On the four-hour chart, Ethereum was reported to be in neutral consolidation, trading near its 20-day and 50-day exponential moving averages at $1,884 and $1,862. The 100-day EMA at $1,924 was described as a ceiling that has been restricting upside follow-through.
Momentum indicators also suggested neither side had clear control: the Relative Strength Index remained slightly below the neutral 50 level, while the Stochastic Oscillator hovered in the low-40 range. In practical terms, that mix often corresponds to choppy price action around key averages rather than a clean trend.
For resistance, the $1,924 100-day EMA was identified as the first major level to watch. A sustained move above it could enable ETH to challenge a horizontal resistance near $1,961. On the upside, targets were cited around $2,172 and $2,431.
Support is centered around the $1,862 50-day EMA, with a broader support zone near $1,809. The outlook turns more bearish if Ethereum closes below $1,809, potentially exposing it to deeper levels cited at $1,701 and $1,507.
Bigger picture: rates expectations and why investors still watch the macro
Crypto equities and token-linked treasuries can be sensitive to expectations for interest-rate policy. BitMine’s chairman Thomas Lee said softer inflation and employment data could create more favorable conditions for cryptocurrencies by reducing expectations of further monetary tightening. He also noted that the market-implied probability of a September Federal Reserve rate hike had declined to 40% from 75% two weeks earlier, according to his remarks.
Even with that macro tailwind narrative in play, the sharp mark-to-market losses highlighted by SharpLink’s results reinforce that company disclosures tied to ETH still matter for sentiment when crypto prices are already under pressure.
What to watch next: Investors will likely focus on whether Ethereum can reclaim key moving averages, particularly the $1,924 100-day EMA, and on upcoming company reporting and guidance from major crypto treasury holders. On the macro calendar, renewed signals on inflation, employment, and Federal Reserve pricing will remain central to whether risk appetite improves—or whether further downside forces consolidation near support levels.
