Ethereum Price Prediction: Will ETH Price REBOUND Back Over $3000 This WEEK?

Ethereum has shown resilience in the face of market volatility, managing to climb above the $2,550 resistance zone. Currently trading around $2,680, ETH is eyeing a potential rise above the $2,720 resistance level. The presence of a bullish trend line on the hourly chart suggests that Ethereum could break through the $2,865 resistance, paving the way toward the $3,000 mark. However, if the $2,720 resistance isn't cleared, a downward correction could bring ETH back to the $2,550 support zone or lower.

Whale activity has been a significant factor in Ethereum's recent price movements. Recently, two large transactions, totaling nearly $56 million, were made by Ethereum whales. Such large-scale purchases are often seen as bullish signals, indicating long-term confidence in the asset. The whales’ tendency to hold rather than sell during market dips could support Ethereum's price, reducing the likelihood of a significant sell-off and possibly fueling further price increases.

Despite some positive signs, Ethereum has faced considerable challenges, including a sharp decline in value, currently hovering around $2,400. Market pessimism, high transaction fees, and scalability issues have all contributed to Ethereum’s struggles. As a result, its position as the second-largest cryptocurrency is under threat, with competitors like Solana gaining ground.

On the brighter side, Ethereum’s ongoing technological advancements, such as the integration of GPU-efficient STARK proving code, are strengthening its foundation. These updates, crucial for scaling and securing the network, demonstrate Ethereum's commitment to innovation and could play a vital role in its recovery. Additionally, Vitalik Buterin’s recent transfer of 200 ETH has sparked interest, signaling potential market shifts and the network's resilience.

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Here's when Bitcoin will hit $81,000, according to analyst 💰;

➖ With Bitcoin (BTC) seemingly regaining its bullish momentum, analysts indicate that if this trend continues over the coming weeks, the cryptocurrency could soon record another all-time high. This sentiment is echoed by a crypto analyst using the pseudonym Yoddha, who suggested in a post on X on August 9 that Bitcoin is poised to reach a record high of $81,000. According to Yoddha, Bitcoin’s price action has been nothing short of a rollercoaster over the past year. After reaching $65,000, the cryptocurrency experienced a sharp decline, dropping to a low of $49,000. Yoddha described this drop as a “liquidation hunt,” where large sell-offs trigger stop losses, leading to a cascade of selling and a temporary price dip.
Despite this setback, Bitcoin has since rebounded, returning to trade within its monthly range of above $60,000, which the analyst interprets as a sign of underlying bullish momentum.

➖ The analysis further highlights key levels that Bitcoin needs to overcome to continue its upward trend. Bitcoin is just below its yearly high, a crucial resistance level. The expert suggested that if Bitcoin closes August with strength, it could easily surpass $81,000. Beyond this mark, projections indicate that Bitcoin has the potential to reach as high as $244,890, though these are considered longer-term goals.

➖ Currently, Bitcoin is attempting to establish its price above the $60,000 support zone, having hit a daily high of $61,500. At the time of writing, the asset was trading at $60,677, having rallied over 1% in the last 24 hours, though it is down almost 2% on the weekly timeframe. Overall, based on the experts’ analysis, Bitcoin’s chances of claiming a new record high depend on its ability to maintain its price above the $60,000 support level.

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Why is Ethereum (ETH) price up today ? 📈

Ethereum price just had its second-best day of 2024, with an uptick of 14.5% on Aug. 8, as big wallets accumulated ETH. Ethereum retested $2,111 on Aug. 5 for the first time since Jan. 3, briefly giving away 98% of its 2024 yearly gains. The ETH/BTC chart also illustrates weakness against Bitcoin, with the trading pair reaching a 1,211-day low. Meanwhile, Ethereum ETF inflows recorded a minor netflow of negative 2.9 million on Aug. 8 after exhibiting over $150 million in positive inflows right after Monday’s market rout. The total flow remains negative at $390 million at the time of publication.

Ethereum rises as crowd’s "primary focus" after dip

Ethereum has regained 27% since hitting Monday’s lows at $2,111, primarily due to the market’s overall recovery. Bitcoin witnessed a strong rally of 12% over the past 24 hours, and Ether followed suit. Both the assets currently share a correlation index of 0.82 over a 90-day period, suggesting that BTC and ETH are virtually in lockstep. Meanwhile, Santiment, an analytics platform, highlighted that the crowd was primarily focused on Bitcoin and Ethereum after Monday's sharp decline. Ether appeared as a potential buy opportunity, and ETH addresses illustrated this sentiment, as explained in the next section.

Market to "offer several chances” to buy ETH — Analyst

While Ether has jumped swiftly from its recent lows, the altcoin is expected to consolidate sideways over the next few weeks. According to CrediBULL Crypto, a popular crypto trader, Ethereum will possibly witness “one more marginal lower low," which will see a retest of support at $2,111. Ethereum’s weakness against Bitcoin as a primary reason. In other words, a minor correction for BTC might trigger a bigger decline for ETH.

Despite the recovery, however, Ethereum’s daily chart is looking bearish. ETH price closed below its long-term bullish trendline (white ascending line), which dates back to October 2023.

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Bitcoin price must flip $62K to avoid worst 'death cross' consequences 💴

$BTC is still due to close a daily chart "death cross," but $62,000 resistance could be key to mitigating the $BTC price downside which has followed in the past. Bitcoin can beat its imminent “death cross” if it flips $62,000 to support, the latest analysis says.

$62,000 becomes key BTC price resistance hurdle

Recent $BTC price action has led BTC/USD to the door of another moving average crossover classically known as a “death cross.”

This involves the downward-sloping 50-day simple moving average (SMA) crossing below its 200-day equivalent. Currently, the 50-day and 200-day SMAs stand at 61,998 and 91,882, respectively, per data from Cointelegraph Markets Pro and TradingView.

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Ethereum Technical Analysis: ETH Faces Persistent Downtrend Despite Strong Market Activity

➖ On August 12, 2024, ethereum (ETH) was priced at $2,683, fluctuating within a 24-hour range of $2,523 to $2,720. With a market capitalization of $321 billion and a trading volume of $17.58 billion, ether continues to exhibit significant market activity.
However, technical indicators suggest ongoing challenges in breaking through key resistance
levels, hinting at a bearish trend across various timeframes.

➖ Moving averages (MAs) across multiple timeframes reflect a bearish outlook, with the exponential and simple moving averages (EMAs and SMAs) across 20 to 200 periods indicating a sell. The 10-period simple moving average, showing a buy signal, provides some optimism, but the overall trend remains negative, emphasizing the challenges ethereum faces in the near term.

🔺 Despite the prevailing bearish signals, Ethereum’s ability to hold above the $2,600 level and the recent short-term recovery hints at potential bullish opportunities. If the price breaks and sustains above $2,700 with strong volume, it could signal the beginning of a rebound, with targets toward $2,800 or higher. Momentum indicators, particularly the simple moving average (10), provide some support for this optimistic outlook.

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Why is Bitcoin price volatile today? 📉

On Aug. 12, $BTC dropped to $57,653, bringing its 24-hour losses to 2%, as traders positioned themselves ahead of a busy week filled with macroeconomic data. The bullish momentum that propelled BTC above $60,000 at the end of last week is in question as bears and bulls fight to control the price.
Let’s look at the factors affecting Bitcoin price today.

▫️ Traders feel unsure about US inflation figures ;

Following the market volatility experienced during the week ending Aug. 11, this week’s US Consumer Price Index (CPI) and Producer Price Index (PPI) prints are expected to reveal the latitude the Federal Reserve has to meet pumped-up expectations around its first interest rate cut in September.The CPI is expected to continue falling, which should empower the Fed to consider the all-important rate cut. Macro market events tend to move crypto prices as they reveal the general state of the economy.

▫️ Bitcoin price has been a “roller coaster” ;

After a relatively calm weekend, Bitcoin’s price action remained flat during the early Asian trading sessions and part of the European session on Aug. 12, oscillating between $58,130 and $59,000. The price then jumped suddenly from $58,140 to $60,000 in less than two hours before rapidly undoing all these gains just before the start of the New York session.The price then jumped up again on the Wall Street opening, rising 5% from a low of $57,834 to set a swing high at $60,700.

▫️ Bitcoin liquidations ramp up ;

A sharp movement in the Bitcoin futures market appears to have caused BTC’s price volatility over the last 12 hours. The timing of the short liquidations coincided with the sharp rise in the price of the pioneer cryptocurrency.Data from Coinglass shows that more than $20.16 million in BTC short positions have been liquidated over the last 12 hours. The total liquidations across the crypto market amounted to $112.20 million, with $61.84 million being short liquidations in the same period.

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