Ethereum
Will Ethereum (ETH) Price Retest $4,000 or Plunge to $2,800 in August?
With a strong bullish rally in the market over the past weekend, major crypto tokens have shown a significant uptrend in their respective portfolios. This highlights a strong possibility of a positive outlook for these tokens this week.
However, since the launch of the Ethereum ETF, the Ethereum Price has continued to struggle to regain momentum and is hovering consistently near its $3.3k level. What’s next for the Ethereum token as the market sees increased bullish action?
ETH cryptocurrencies see increased price volatility:
Despite a 3.15% correction recorded over the last seven days, the Ethereum coin price managed to regain momentum and surged 4.84% in terms of valuation over the last day with a trading volume of $11.076 billion and a 24-hour high of $3,384.53.
TradingView: ETH/USDT
In addition, the leader of altcoins, ETH Coin Priceformed a descending channel pattern in the 1D time frame and has continued to move within this framework since mid-May. This highlights a long-term bearish sentiment in the cryptocurrency market.
However, after a breakdown, it also formed an ascending channel pattern, indicating a significant increase in its buying pressure on the shorter time frames for the Ethereum token.
Ethereum Market Sentiments:
The Relative Strength Index (RSI) is showing a strong rise above the midpoint. Additionally, its average trendline is showing a potential positive crossover. This suggests that the price will continue to gain value this week.
Additionally, the MACD indicator has shown a steady decline in its red histogram with a strong possibility of bullish convergence in the 1D time frame. This indicates an increase in buying pressure over selling.
Can ETH Price Hit $5,000 in August?
If the market continues to move in a bullish mood, Ethereum price will gain momentum, break above its $3,700 resistance level and head towards its $4,000 high in the coming time.
However, if the bears regain control from the bulls, the ETH cryptocurrency price will plunge towards its crucial support level of $2,800 in the coming weeks.