An upward trend formed around mid-July, where the price moves within an ascending channel. Currently retreating towards the middle of this channel, with the support edge ranging between $4,380–$4,400.
The main resistance is at $4,579, where much trading is concentrated, and the price is expected to experience volatility unless this level is successfully broken.
Some analysts indicate the need to reclaim the level above $4,600 to regain upward momentum and open the path towards new record levels.
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Forecasts – Future scenarios
Moderate to bullish scenario: price expected to move within the $4,700–$5,000 range during September, as long as support at $4,200–$4,400 holds.
Optimistic technical charts: technical analysis monitoring a "megaphone" or "broadening wedge" pattern on the weekly frame, targeting levels between $12,000–$12,800 if a good breakout occurs.
Candidates for higher levels: relying on institutional flows and encouraging the Ethereum-linked fund market (ETFs), the price could reach $7,175 or more if financial support from these flows continues.
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Supporting factors and potential risks
Supporting factors:
Massive flows into Ethereum ETFs, reflecting increasing institutional confidence.
Developments in Ethereum such as the Pectra upgrade, enhancing the platform's position both technically and financially.
Notable performance in DeFi and NFTs, and infrastructure like Layer 2, supporting the protocol's ecological growth.
Potential risks:
Strong gains in August (+25–26%) may trigger a logical correction wave.
Unclear regulatory environment in the EU and the UK may negatively impact market confidence.
September market historically unclear, with some analysts indicating a strong volatility likelihood, as the NUPL indicator suggests a peak in long-term profit ratios.
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Quick analytical summary
Scenario potential price range
Technical support (moderate) $4,200–$4,400
Key resistance ~ $4,579
Potential bullish target $4,700–$5,000
Bullish targets (optimistic) $7,000–$12,800.
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