The price of Ethereum continues to perform strongly, maintaining its recent gains without any indications of a short-term correction, amid movements towards the upper range of a narrow price channel that has lasted for two weeks.
It is likely to break this channel soon.
The analyst known as 'Byzantine General' admitted that his previous predictions of an imminent decline were inaccurate, confirming that Ethereum is very strong and refuses to correct.
He pointed out that the funding rates for futures contracts have begun to lean negative, reflecting an unusual tendency in the market, where the expected downward trend does not seem to materialize despite this divergence.
Meanwhile, Benjamin Quinn, the founder of ITC Crypto, expressed his confidence that Ethereum will reach $5000 by August 2024, considering that surpassing the $4000 level is imminent after several failed attempts earlier this year.
Quinn expected that Ethereum would later trade between $5700 and $7500, in an upward trajectory that could lead to recording its historical highs.
Other analytics platforms like Crypto GEMs and Crypto Xlarge supported this view, pointing to a historically positive performance of Ethereum in August of bull market years, especially following the Bitcoin 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 was closed in honor of the occasion.
Joseph Lubin, the 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 the market, the price of Ethereum rose by 1.2% to $3860, approaching a key resistance at $3900 that has been tested twice in the past days without breaching.
Data shows continued institutional flows, with Ethereum exchange-traded funds recording 19 consecutive days of buying, while treasury companies continue to bolster their holdings.