Ethereum
Will Ethereum (ETH) Hit $4,000 or Drop 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 Ethereum ETF launch, 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.
Read also : Ethereum ETFs Hit Wall Street: Strong Start Thwarted by $341 Million in Outflows
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.