$ETH Price Forecast: ETH maintains downtrend despite SharpLink's $463 million purchase

SharpLink announced it purchased 176,270.69 ETH for a total of $462.9 million.

The company has become the largest public company holding ETH, with 95% of its reserves deployed into staking.

Ethereum could fall to $2,260 if it fails to hold the lower boundary of a key channel and the 50-day SMA.

$ETH maintained its decline on Friday, down 6%, despite SharpLink Gaming’s (SBET) announcement that it purchased 176,270.69 ETH for $462.9 million. The decline follows broiling Middle East war tensions after Israel struck strategic sites in Iran.

ETH slides amid SharpLink's $463 million purchase

Nasdaq-listed company SharpLink Gaming revealed in a press release on Friday that it has acquired 176,270.69 ETH for approximately $462.9 million, making it the world's largest publicly traded holder of ETH. The company made the purchase at an average price of $2,626 per $ETH

The acquisition comes from a mix of private placements and at-the-market (ATM) equity offerings