Ethereum (ETH) has staged a strong rally this week, rising by nearly 14% and crossing above $4,000 levels for the first time since December 2024. ETH is currently valued at $4,082.61, up 46.81% over a month, and has a market cap and volume, respectively, of $492.8 billion and $39.74 billion.
The rally is a rapid recovery from the August 5 low around $3,450. ETH reversed the $3,708 barrier, tested it as support, and then moved towards $3,950. ETH is still above EMA20 on the 4hr chart at $3,749, above EMA50 at $3,686, and above EMA100 at $3,623.
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Price action rides the upper band, confirming bullish momentum. The breakout has re-established a higher-high pattern on Ethereum’s broader trendline from July, further supporting the technical case for continued upward movement in the coming sessions.
Short-term market structure has the VWAP pinned around $3,918, serving as a pivot on the day. The consensus is that a stay above $3,800 is bullish. A breakthrough above the $3,950 – $3,960 area might prompt a rapid test back towards $4,100, reinforcing nearer-term bullish sentiment.
According to Bitcoinsensus, Ethereum has confirmed a significant weekly breakout above a descending broadening wedge. The breakout included a standard retest of past resistance and current support.
The pattern shift is a strong swing towards the bullish side and suggests room for a prolonged upward surge over the next few weeks. A weekly close above significant resistance is a further bullish confirmation. The Bitcoinsensus analysts have set a short-term target is $6,200, backed by robust volume and market engagement.
For price prediction into August 9, analysts stress holding above $3,800 as critical. A push beyond $3,950–$3,960 could speed up a move to $4,100. Failure to hold $3,800 risks a pullback toward EMA20 at $3,749 or the $3,708 support.
The analyst, Ash Crypto, notes that August–September is historically bearish for crypto, urging cautious optimism. Others, though, are extremely bullish. Ethereum could reach $16,000 long term, driven by ETF growth, burgeoning DeFi, and all-time highs for transaction volume across the chain-wide ecosystem.
Ethereum’s latest breakout has presented one of its brightest bullish signs this year. The technicals, the sentiment, and rising institutional demand make higher targets feasible.
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