Ethereum continues to attract investor attention as it flirts with the psychological resistance level of $3,800. After weeks of upward momentum, ETH now faces a critical moment that could either extend the bullish trend or trap overconfident bulls. This ETH Price Prediction explores the current technical setup, sentiment shifts, and short-term scenarios as August 8 approaches.
ETH Price Prediction: Momentum Builds Near $3,800 Resistance
Ethereum’s recent rally has pushed ETH price up by over 45% in the past month, with bulls reclaiming territory last seen during the late-2021 cycle. As of today, ETH is trading around $3,790, with clear pressure building against the $3,800 resistance zone.
Source: Trading View
This level marks the high from earlier in July and has already rejected buyers twice in recent weeks. Technical indicators now show diverging signals, suggesting traders should prepare for volatility in the coming days.
Bullish Case: Breakout Above $3,800 Could Trigger a Surge Toward $4,200
A clean break above $3,800 on high volume could trigger a sharp continuation rally. The daily RSI is currently sitting near 65, leaving room for further upside before becoming overbought. Momentum oscillators also remain in bullish territory.
If buyers manage to clear resistance, the next key level to watch is $4,050–$4,200, which represents both a psychological milestone and a key Fibonacci extension zone.
Additionally, growing speculation around a potential Ethereum ETF approval later this quarter has added fuel to the bullish narrative.
Bearish Risk: Triple Top Pattern and Weak Volume Raise Caution Flags
However, not all signals are bullish. Volume has started to decline over the last three sessions, despite higher prices a classic sign of momentum exhaustion. Some analysts also point to a potential triple top pattern forming at the $3,800 zone.
If Ethereum fails to break through convincingly, a swift rejection could drive the ETH price back toward the $3,450–$3,500 region. That’s where short-term support lies, bolstered by the 20-day EMA and recent breakout levels.
A drop below $3,400 would likely invalidate the bullish setup and shift sentiment sharply bearish for the rest of August.
Sentiment and On-Chain Metrics Point to Divided Traders
On-chain activity has picked up again, with Ethereum’s daily active addresses and gas usage climbing steadily. However, whale wallets remain mostly flat, showing limited accumulation during this recent rally.
Futures open interest on ETH has risen, but the funding rates remain neutral—suggesting a balance between long and short positions. This confirms that the market is currently in a wait-and-see mode, poised for a breakout or breakdown depending on macro and market cues.
Final Thoughts: ETH Price Prediction Hinges on August 8 Breakout Attempt
This ETH Price Prediction hinges heavily on how Ethereum handles the $3,800 resistance level this week. A strong breakout could confirm the start of a new bullish leg targeting $4,200 and beyond. But failure to break higher may open the door to a sharp correction back toward $3,500.
Traders should prepare for both scenarios and manage their positions accordingly. With critical macro data and ETF-related speculation continuing to swirl, August 8 could mark a key inflection point in Ethereum’s 2025 price trajectory.
