Ethereum (ETH) has been outpacing its competitors in recent weeks thanks to growing institutional interest and exchange-traded fund (ETF) inflows.
At press time, ETH was trading at $3,674, up almost 62.39% in the past month, with a market cap of approximately $444.54 billion, as per CoinMarketCap.
According to Finbold’s AI price prediction model, ETH price could reach $3,800 by August 31 (a +3.41% increase from the current price).
The prediction is based on several technical indicators, including the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Stochastic Oscillator, MACD Slope, and 50-day Simple Moving Average (SMA).
ETH continues to trade well above its 50-day SMA of $2,752, which suggests the momentum remains broadly bullish. However, the MACD line, standing at 311.498, with a signal line at 250.056 and a positive histogram reading of 61.443, indicates strong underlying buying pressure.
Likewise, while the MACD signal line is rising and thus implying continued upward momentum, the MACD histogram slope has flattened to 1.138, hinting that the pace of the momentum is slowing.
Short-term indicators are signaling overextension. The 7-day RSI is hovering near 80, down from a high of 87 last month. While still in overbought territory, the declining RSI alongside rising prices points to a bearish divergence often seen as foreboding a consolidation or a pullback.
Similarly, the Stochastic Oscillator remains elevated between 83 and 89, further supporting the view that ETH may be nearing a short-term peak.
Ethereum trading volume
Meanwhile, Ethereum’s 24-hour trading volume has dropped more than 20%, now sitting at $37.28 billion, according to CoinMarketCap.
Total futures open interest (OI), i.e., the total number of active contracts (futures or options) that haven’t been settled or closed, has also dropped by 3.16% in the past day, as indicated by CoinGlass data. This might signal a short squeeze unwind.
Taken alongside the mixed technical indicators, these numbers support a cautiously optimistic outlook and a modest potential upside, as predicted by the AI.
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