The price of Ethereum continues its strong performance, maintaining its recent gains without any signs of a short-term correction, amid movements toward the upper range of a narrow price channel that has lasted for two weeks.
It is expected that this channel will soon be breached.
The analyst known as Byzantine General acknowledged that his previous predictions of an imminent decline were inaccurate, confirming that Ethereum is very strong and refuses to correct.
I think I'm wrong about $ETH getting some short term downside.
It's too strong, refuses to print any significant correction, funding now going below baseline too. It's looking like a just fucking send it moment. pic.twitter.com/IAEBcC5rnT
— Byzantine General (@ByzGeneral) July 30, 2025
He pointed out that funding rates for futures contracts have begun to lean negative, reflecting an unusual market sentiment, as it seems that the expected downward trend is not materializing despite this divergence.
Meanwhile, Benjamin Quinn, founder of ITC Crypto, expressed confidence that Ethereum will reach $5000 by August 2024, considering that surpassing the $4000 level is imminent after several failed attempts earlier in the year.
Coin predicts that Ethereum will later trade between $5700 and $7500, in an upward trend that could lead to recording its highest historical levels.
Other analytical platforms like Crypto GEMs and Crypto Xlarge supported this view, indicating a historically positive performance for Ethereum in August during bull market years, especially after Bitcoin's halving.
Analyses also indicated that technical indicators, such as the Relative Strength Index (RSI), still show room for upward movement, and that the downward trend has been broken with a successful retest.
This momentum came at a time when the Ethereum community celebrated the tenth anniversary of the network's launch, as Nasdaq trading closed in honor of the occasion.
Joseph Lubin, co-founder of Ethereum, stated that the project is steadily moving towards integrating traditional finance with decentralized finance, aiming to reshape the global financial system.
In terms of the market, the price of Ethereum rose by 1.2% to reach $3860, approaching a key resistance level at $3900, which has been tested twice in the past few days without breaching.
Data shows continued institutional inflows, with Ethereum exchange-traded funds recording 19 consecutive days of buying, while treasury companies continue to enhance their holdings.
