After a multi-week rally that lifted Ethereum price toward the $4,000 psychological barrier, bears have re-emerged, pressing ETH below key short-term supports. With momentum oscillators pointing lower and rising outflows, Ethereum price today sits at $3,630, teetering near the lower boundary of a key ascending channel.
What’s Happening With Ethereum’s Price?
ETH price dynamics (Source: TradingView)
On the 4-hour timeframe, Ethereum price action has broken beneath the midline of its rising channel and is now testing the lower boundary near $3,625. The Supertrend has flipped bearish at $3,899, suggesting momentum has shifted to sellers for the first time since mid-July. The -DI line on the DMI indicator has spiked to 30.4 while +DI drops to 11.0, confirming dominant downward pressure.
ETH price dynamics (Source: TradingView)
The daily chart reveals a broader structural view. After topping out near $3,940 on July 29, Ethereum has slipped back into the $3,600s zone, reacting sharply to supply encountered around the $3,900–$4,000 resistance band. Historical liquidity from the April 2024 range remains intact near this level, adding further headwinds for upside extension.
Why Ethereum Price Going Down Today?
ETH Spot Inflow/Outflow (Source:Coinglass)
The current weakness in Ethereum price stems from both technical exhaustion and worsening inflow-outflow dynamics. According to on-chain data, August 1 recorded a net outflow of $113.19 million, suggesting elevated exchange withdrawals and waning buyer interest.
ETH price dynamics (Source: TradingView)
Short-term indicators confirm the retreat. On the 30-minute chart, RSI has dropped to 30.9, approaching oversold territory, while MACD is deeply negative with expanding histogram bars. This coincides with a failed attempt to hold above $3,700 earlier in the session.
ETH price dynamics (Source: TradingView)
The 4-hour Bollinger Bands also show ETH breaking below the median band at $3,784, heading toward the lower band at $3,665. Simultaneously, the EMA ribbon has begun to compress, with price now trading below the 20, 50, and 100 EMAs, weakening trend confidence.
Supertrend Flip and Weekly Supply Zones Weigh on Bulls
ETH price dynamics (Source: TradingView)
On the weekly chart, Ethereum price is encountering resistance near a major Smart Money Concepts (SMC) supply block between $3,900 and $4,500. This red zone was previously marked by a market structure shift in late 2021 and now acts as a macro ceiling.
Despite the recent bullish BOS in July, ETH has stalled at this overhead zone. Parabolic SAR dots have started to narrow, and price has failed to establish new weekly highs after last week’s push. Unless buyers reclaim $3,900 soon, risk of reversal increases as institutional supply gets absorbed.
ETH Price Prediction: Short-Term Outlook (24H)
Looking ahead, if Ethereum price today loses the $3,600 handle, bears could target the next dynamic support zone at $3,594 (100 EMA on 4H), followed by $3,307 (200 EMA). This would mark a deeper retest of the June breakout base.
On the upside, a recovery above $3,700 may offer initial relief. However, ETH would need to flip $3,784 (Bollinger median band) and the Supertrend level near $3,899 to restore short-term bullish bias. Without this reclaim, Ethereum remains exposed to further drawdowns.
Traders should also keep an eye on volume spikes and RSI divergence on the 1H or 4H chart for clues of local bottom formation. A flush toward $3,500 could induce short-term buyer interest, but confirmation remains absent at current levels.
Ethereum Price Forecast Table: August 2, 2025
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