🔥 What’s Brewing for Ethereum in August? Bulls, Breakouts, or Bluffs?

On July 28, Ethereum set a new high for the year, reaching $3,941, resulting in a return of 48.80% for the month. According to the historical statistics provided by Ethereum, traders had a favorable return on their investments in ETH for the month of August, with an average gain of 5.47 percent. Traders may experience good returns in August if the regulatory clarity continues to improve, the demand for exchange-traded funds (ETFs) continues to grow, and tariffs and geopolitical uncertainties continue to reduce.

ETH closes below the critical support level, according to the Ethereum Price Forecast.

On Thursday, the price of Ethereum plummeted by about three percent, ultimately closing below its daily support level of $3,730. When this article was written on Friday, it was trading at less than $3,700.

It is possible that the withdrawal of ETH will continue until it reaches the next support level, which is located at $3,500.

As the Relative Strength Index (RSI) indicator on the daily chart moves below its overbought level and heads lower, it indicates that the bullish momentum is beginning to become less consistent. On Wednesday, the Moving Average Convergence Divergence (MACD) indicator displayed a bearish crossing, providing more evidence in favor of the bearish thesis and the downward trend that is expected to occur in the near future.

Alternatively, if Ethereum is able to rebound, it may be able to continue its climb toward its important psychological mark, which is now set at $4,000.

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