Ethereum Rallies 65% in a Month, Eyes $4,500 and Beyond
Ethereum has surged 65% since late April, breaking through key resistance levels and trading above $4,150 as of early August. Driven by strong market momentum and increasing trading volume, the asset breached a multi-year ascending triangle pattern, prompting analysts to set near-term targets at $4,500 and $5,000. Support zones are identified around $3,800–$3,600, with sustained monthly closes above $4,300 seen as confirmation of the breakout. The RSI near 70 signals a robust but potentially overextended rally. Long-term forecasts based on the measured move technique project a target of $12,000, while a drop below $4,000 could trigger a retest of the $2,500–$3,000 range. Key analyst insights come from Michael van de Poppe and Captain Faibik, who highlight volume strength and structural breakouts as drivers for further gains.
Bullish
The 65% one-month rally, supported by rising volume and the breakout from a multi-year ascending triangle, indicates strong bullish momentum for Ethereum. Analysts projecting $4,500–$5,000 near-term targets and a $12,000 measured move underscore continued upside potential. Historical precedents show that such structural breakouts often lead to sustained rallies, especially when supported by healthy trading volume. Short-term traders may target resistance zones at $4,200–$4,500, while long-term investors eye the $12,000 level. The sustained support around $3,800–$3,600 also reduces downside risk, making the outlook broadly positive for both short- and long-term market behavior.