$ETH
- Technical indicators such as the Relative Strength Index (RSI) and Bollinger Bands suggest that ETH could see consolidation in the coming months before a possible bullish momentum.
- The candlestick pattern on the weekly chart shows an uptrend with hammer and doji formations, indicating possible support levels around $2,800-$3,000.
Fundamental Analysis
- The implementation of key upgrades to the Ethereum network, such as The Merge and scalability improvements, could boost the adoption and price of ETH.
- The increase in institutional demand and the growth of DeFi applications and NFTs on the Ethereum network are bullish factors to consider.
- However, macroeconomic and regulatory risks could generate volatility in the short term.
Price Forecast
Taking these technical and fundamental analyzes into account, my forecast for the price of Ethereum in August 2024 is:
- Minimum Estimated Price: $3,100
- Estimated Average Price: $3,500
- Estimated Maximum Price: $3,900
This price range reflects possible short-term consolidation followed by bullish momentum, provided the positive catalysts mentioned above materialize and no adverse macroeconomic events arise.
