Ethereum (ETH) Price Outlook: Will it Revisit $4K or Drop to $2.8K in August?
The recent weekend saw a robust bullish recovery in the market, with top crypto tokens showing a notable uptrend in their portfolios. This surge indicates a positive outlook for these tokens in the upcoming week.
Despite the launch of the Ethereum ETF, the Ethereum price has been struggling to regain momentum and remains closely hovering around the $3.3K mark. The question arises: what lies ahead for the Ethereum token amidst the increased bullish activity in the market?
ETH Crypto Records Increased Price Volatility:
While experiencing a 3.15% correction in the past week, the price of Ethereum has managed to bounce back, surging by 4.84% in value within the last day. It currently boasts a trading volume of $11.076 billion, with a 24-hour high reaching $3,384.53.
The leading altcoin, ETH, has been following a descending channel pattern in the 1D time frame since mid-May, reflecting a prevailing bearish sentiment in the crypto market. However, a recent shift has seen the formation of an ascending channel pattern, signaling a notable increase in buying pressure for the Ethereum token over shorter time frames.
Ethereum Market Sentiments:
The Relative Strength Index (RSI) has shown a sharp increase above the mid-point, with its average trendline hinting at a potential positive crossover. This suggests that the price of Ethereum is likely to continue its upward trajectory throughout the week.
Additionally, the Moving Average Convergence Divergence (MACD) indicator has been witnessing a consistent decline in its red histogram, indicating a high probability of a bullish convergence in the 1D time frame. This points towards a rise in buying pressure compared to selling pressure.
Can ETH Price Hit $5K This August?
Should the market maintain its bullish sentiment, Ethereum’s price is expected to gather momentum, surpass its resistance level of $3.7K, and move towards its upper target of $4,000 in the near future. However, if the bears take control over the bulls, the ETH price could retreat towards its critical support level of $2,800 in the weeks ahead.
In conclusion, the recent market trends and indicators suggest a mixed outlook for Ethereum, with potential for both upward and downward price movements depending on market dynamics. Stay tuned for further developments in the crypto space.
