Ethereum Maintains 73–80% Odds of $5,000 Despite 10% Dip
Ethereum price plunged more than 10% from its recent all-time high above $4,900 following a large Bitcoin sell-off, but traders remain bullish. Prediction markets on Myriad now assign roughly 73–80% odds that ETH will hit $5,000 within four months. Technical indicators support the upside: the Average Directional Index (ADX) at 39 signals a strong trend, the Relative Strength Index (RSI) at 58 shows healthy momentum, and a golden cross has formed as the 50-day EMA crosses above the 200-day EMA. Key resistance levels lie at $4,800 and the $5,000–$5,200 zone, while immediate support sits near the 50-day EMA around $4,000 and strong support at $3,500. Historical seasonality suggests September could see a pullback, but if Ethereum price holds above $4,300–$4,500, an “Uptober” rally in October may propel ETH toward $5,000. Traders should monitor the ADX, RSI and support zones for trend confirmation, with a break below $4,000 challenging the bullish case.
Bullish
The article highlights sustained bullish conviction in Ethereum price despite a 10% pullback, supported by high prediction market odds (73–80%), strong technical indicators (ADX 39, RSI 58) and a golden cross in moving averages. Historically, similar pullbacks have preceded further rallies when support levels held, suggesting both short-term buying opportunities near $4,000–$4,300 and potential long-term upward momentum toward $5,000. The combination of prediction markets and technical analysis indicates strong market confidence and mitigates fears of a trend reversal, pointing to a bullish outlook for ETH.