August 2 Price Prediction for $ETH !
After several weeks of rising prices, Ethereum approached the psychological barrier of $4,000, but then bears reappeared, pushing ETH below the critical short-term support level.
As momentum oscillators point downward and capital outflows increase, Ethereum's price today is around $3,630, hovering near the lower edge of a key ascending channel.
The current weakness in Ethereum's price is due to both technical weaknesses and deteriorating dynamics of capital inflows and outflows. The 4-hour Bollinger Bands indicator also shows ETH has broken below the midpoint of $3,784, declining towards the lower line of $3,665.
At the same time, the EMA bands have started to contract, and the price is currently below the 20, 50, and 100 EMA, indicating a weakening trend confidence.
Looking ahead, if Ethereum's price falls below the $3,600 level today, bears may target the next dynamic support level at $3,594, followed by $3,307.
On the upside, breaking through $3,700 may provide some initial relief. However, ETH needs to break above $3,784 and the super trend line near $3,899 to restore a short-term bullish trend.
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