Ethereum (ETH) Price Prediction for August 9

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.