$ETH After a 48% surge in July, can August continue the legend?
July just ended for ETH, and the monthly closing rose by 48.77%. This strong rally is indeed impressive. But can it continue to rise in August? I have to pour a bit of cold water on this; historically, Ethereum tends to perform poorly in August, unless it's an election year.
Looking back at past records, in the August after an election year, Ethereum has an average monthly gain of 63.8%. Even if it only rises by 30%, it would be enough to push the price close to its historical highs. However, there is a problem: the current market sentiment is too exuberant, institutional funds are still entering the market, and with Ethereum's upgrades and other positive factors, it might break the seasonal curse.
But let's not forget, August is traditionally a slow season for the crypto market, and the pressure from miners selling and profit-taking are both risks. Without a super catalyst like an election, it's hard to support a surge of over 60% based solely on technicals.
Personally, I think the first half of August might see sideways fluctuations, and in the second half, if Bitcoin doesn't crash, Ethereum has a chance to touch 4000 dollars, but reaching new highs? That depends on the timing, location, and people involved.
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