Despite Ethereum briefly dropping to $4,794 due to unexpectedly high PPI data a few days ago, traders remain optimistic that it can reach $5,000 in August.
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Traders have not given up on the possibility of ETH hitting a new high in August.
ETH Key Price Range
Traders have not given up on the possibility of ETH hitting a new high in August.
According to Polymarket's prediction market data, traders believe there is a 57% chance that ETH will reach $5,000 by the end of August, with an 80% chance of exceeding $4,800.
Another platform, Kalshi, shows that there is still a 67% chance ETH will reach a new all-time high before September.
ETH Key Price Range
Market traders believe that the key to Ethereum's current bullish trend lies in holding important support levels, including the historical weekly closing high of $4,600 and the psychological barrier of $4,000.
Trader Rekt Capital pointed out that ETH must quickly stabilize above $4,631 and turn it into support to confirm the entry into the price discovery phase; if it fails to hold, the price may drop back to the CME weekly gap at $4,000, or even test $3,750.
Another analyst, Block_Diversity, previously anticipated that ETH might first pull back to the $4,000–$4,400 range before the next wave of upward momentum begins. Additionally, the 'active realized price' at $4,700 remains an important resistance area, having triggered large-scale sell-offs multiple times in the past.