Ethereum (ETH) Price Forecast: Will It Rise Above $3K or Drop Below $2.5K in August?

The cryptocurrency market has experienced a surge in its market cap, climbing from $2.075 trillion to over $2.14 trillion within the last 24 hours, marking a 4.89% increase. This rise has seen Bitcoin reclaiming the $61,000 milestone with a gain of 4.13%.

In a similar upward trajectory, Ethereum’s price has also seen growth, adding 2.76% to its portfolio, accompanied by a trading volume of $12.17 billion, reflecting a 17.29% surge. This positive movement has sparked speculations regarding the potential for Ethereum to reach $3,000 and inquiries about the projected price trajectory for ETH in 2024.

The price of Ethereum has been following a bullish expanding triangle pattern since May, indicating a somewhat weak price action. However, a positive development has been the successful retesting of its critical support trendline, suggesting a potential bullish reversal in the market.

Furthermore, the recent price surge has led to the formation of an ascending triangle pattern for Ethereum, signaling a consistent increase in buying pressure for the cryptocurrency in the market.

In terms of market sentiments, the EMA 50/200-day has observed a Death Cross in the ETH price chart within the 1D time frame, signaling a significant bearish impact on the cryptocurrency market. Conversely, the RSI indicator has shown a consistent uptrend, with its average trendline displaying a bullish trajectory, indicating uncertainty regarding the future price action of the leading altcoin.

Regarding Ethereum spot ETF activity, over the past 24 hours, Grayscale’s “ETH” recorded the highest inflow of $4.9 million, followed by Bitwise’s “ETHW” with $1.9 million. On the other hand, several other ETFs, including Blackrock’s “ETHA”, Fidelity’s “FETH”, 21 Shares’ “CETH”, and others, have reported a neutral flow.

Conversely, Grayscale’s “ETHE” experienced an outflow of $20.3 million, marking the 5th consecutive day of outflows. The ETF has seen predominantly negative performance since its inception, with the total outflow for the day amounting to $13.5 million.

Looking ahead, if the bullish momentum continues, Ethereum’s price is poised to test its resistance level of $2,870 this month. Sustaining a value above this level could propel the altcoin towards its higher target of $3,272 in the coming weeks. However, a bearish reversal could see the price testing its support level of $2,530, potentially leading to a decline towards its yearly low of $2,175.