Ethereum Treasury Stocks SharpLink and BitMine Eye Further Upside as ETH Targets $3,000 Rebound

Top Ethereum (CRYPTO: ETH) treasury companies have staged a comeback this month, and the rally could extend in the coming weeks or months. BitMine Immersion (NASDAQ:BMNR) jumped to $26 on Friday, up 104% from its lowest level this year and near its highest level since January. SharpLink (NASDAQ:SBET) rose to $9.35, a gain of 109% from its low for the year. The two companies are the biggest Ethereum holders in the world. Tom Lee’s BitMine has accumulated 5,956,378 coins worth $15.46 billion. It has less than 44,000 coins to buy to hit its 5% target. SharpLink, on the other hand, has 868,699 coins currently worth over $2.25 billion. These stocks could keep rising as Ethereum’s technicals and fundamentals improve. On the fundamental side, U.S. investors have continued to accumulate ETH this month, with net inflows of $187 million on track for a third straight month of gains. Staking demand is also growing, with the share of ETH staked climbing to 35.50%. Whale buyers have also continued their accumulation this month. Read Also: XRP Price Prediction as Multiple Catalysts Point to Further Gains Ethereum’s usage is also rising. For example, the total value locked (TVL) in its decentralized finance (DeFi) ecosystem has jumped to over $52 billion, while the stablecoin market cap hit $146 billion. Most notably, the amount of assets in its real-world asset (RWA) ecosystem has jumped to over $13.4 billion. Ethereum Price Technicals Point to More Gains Ahead ETH price chart | Source: TradingView The daily chart shows that ETH price has some of the most bullish technicals today. It has flipped the important resistance at $2,461 into a support level. The coin has continued forming a bullish flag pattern, which is made up of a vertical line and a horizontal channel. This pattern normally leads to more gains over time. At the same time, it has formed a golden cross pattern, which happens when the 50-day and 200-day moving averages cross each other. It remains above the Supertrend indicator. Therefore, there is a likelihood that the coin will have a strong bullish breakout, potentially to the psychological level of $3,000. Such a move will drive the value of BitMine and SharpLink’s Ethereum holdings to $17.8 billion and $2.6 billion, respectively. It also means that their staking revenue will continue rising. Assuming that Ethereum averages $3,000, it means that BitMine will make over $480 million in annual revenue. SharpLink would make over $70 million. Read Also: OpenAI Cash Burn to Hit $280 Billion by 2030 as Anthropic Profit Surges Image: Shutterstock