Ethereum (ETH) Price Prediction for August 9
Main Idea
Ethereum's price is showing bullish trends as it recovers from a recent low, with technical indicators supporting further upside potential if key support levels hold.
Key Points
1. Ethereum's price has risen from $3,450 to test the $3,950 zone, breaking a descending structure and retesting the $3,708 support-turned-resistance level.
2. On the 4-hour chart, ETH is holding above major EMAs (EMA20 at $3,749, EMA50 at $3,686, EMA100 at $3,623), indicating bullish alignment.
3. Derivatives market activity shows increased trading volume ($122.34B, up 70%) and open interest ($52.69B, up 11.98%), with a strong long bias (Binance long-to-short ratio at 3.03).
4. Key technical indicators (RSI at 59.7, MACD positive, Supertrend bullish above $3,387) suggest continued upward momentum if ETH stays above $3,800.
5. A breakout above $4,106 (Fibonacci resistance) could target higher levels ($5,070 and $5,788), while failure to hold $3,800 may lead to a pullback toward $3,749 and $3,708.
Description
Ethereum price has extended its recovery, climbing from the August 5 low near $3,450 to test the $3,950 zone. This rally broke above a descending structure and retested the $3,708 support-turned-resistance level, which now serves as a launch point for the current push. ETH price dynamics (Source: TradingView) On the 4-hour chart, ETH is holding above all major EMAs. The EMA20 at $3,749, EMA50 at $3,686, and EMA100 at $3,623 are now stacked bullishly below price. This alignment supports continuat...
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