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- Key support level for Ethereum is $4,500, while immediate resistance lies at $4,640. A breakout above this could push ETH to $5,000.
- Technical indicators show ETH holding above the 100-hour SMA and a bullish trend line near $4,500, but failure to reclaim $4,631 could lead to a deeper correction toward $4,000–$3,750.
Despite a 2.5% decline in the last 24 hours, Ethereum (ETH) held above 4,600 on Friday as traders reacted to warmer-than-anticipated U.S. inflation statistics. The pullback followed the latest Producer Price Index (PPI) that showed higher price pressures and temporarily hurt sentiment in all risk assets.
Ethereum Price Shows Resilience Despite Dip
Although ETH has fallen off on the heels of multi-year highs, the market activity can indicate further optimism towards immediate upside. Prediction data illustrates a 64% likelihood that ETH will hit the $5,000 mark by the end of August, according to Polymarket. Wagers of a rise to $4,800 are even stronger with a 90% probability for the end of August.
The bullish sentiment extends to record price levels. There is an 87% probability of Ethereum breaching a new all-time high before the end of the month, according to Polymarket. Further, betting exchange Kalshi places that probability higher with 92% odds of a new ATH. Even higher targets are scoring bets with a 31% likelihood that the price of ETH will be over $5,400 and an 18% likelihood that the ETH price will move higher than $5,800 prior to September, as reported by CNF.
Technical Standpoint For ETH Price
From a technical perspective, the traders are observing a major pivot point at a price $4,631. Analysts Rekt capital view it as a major resistance-turned-support level in order to secure a further upward move. Failure to reclaim and hold above that point could open the door to a deeper retracement toward $4,000, with $3,750 marked as a secondary downside target.
In the interim, ETH is finding support at $4,480, which is also the 50% Fib retracement of the latest rally from $4,170 to $4,782. The Ethereum price also trades above $4,550 and 100-hourly Simple Moving Average, with the rising trend line providing extra support at the $4,500 level.
Ethereum price is facing immediate resistance points at $4,640, $4,680, and $4,720. Clearing the latter may open the option of retesting the $4,780 level and potentially breach the resistance at $4,880 and test the $5,000 level.
However, analyst Block_Diversity v.8 warns that even bringing into the demand zone of $4,000 to $4,400 a swing is always possible before the new upward push. Meanwhile, the $4,700 “Active Realized Price” level may also trigger selling pressure.
As of now, the critical support areas for Ethereum to watch out for are $4,500, $4,400, and $4,315. A violation of these may result in more losses up to $4,250. Whilst the 1-hour MACD is recording a decreased strength of bullish moves, yet the RSI is still green above the halfway point of 50, which points out to the fact that buyers are still controlling the market.
