Ethereum (ETH) has outperformed its competitors in recent weeks due to an increase in institutional benefits and the influx of exchange trade funds (ETFs).
At the press conference, ETH had grown by around 62.39% over the past month, with a market capitalization of around $44.454 billion, trading at $3,674. coinmarketcap.
According to Finbold’s AI price forecast model, ETH prices could reach $3,800 by August 31st (+3.41% increase from current price).
The prediction is based on several technical indicators, including moving average convergence branching (MACD), relative strength index (RSI), probabilistic oscillator, MACD slope, and 50-day simple moving average (SMA).
ETH is well above the $2,752 50-day SMA. This suggests that momentum remains very bullish. However, the MACD line standing at 311.498 shows a signal line of 250.056 and a positive histogram reading of 61.443, indicating a strong underlying purchase pressure.
Similarly, the MACD signal line is rising, meaning that upward momentum continues, but the MACD histogram gradient is flattened to 1.138, suggesting that the pace of momentum is slowing.
Short-term indicators are signaling overexpansion. The seven-day RSI has hovered near 80 from its 87 high last month. While still in bought territory, the decline in RSI, along with rising prices, indicates a bearish divergence that is often considered to foresee consolidation or pullback.
Similarly, the stochastic oscillator remains rising between 83 and 89, further supporting the view that ETH may be approaching a short-term peak.
Ethereum trading volume
Meanwhile, Ethereum’s 24-hour trading volume has dropped by more than 20%, now at $37.28 billion. coinmarketcap.
Total Indigenous favorable interest (OI), i.e., the total number of active contracts (futures or options) that have not been resolved or closed, also fell 3.16% on past days. Coinglass data. This may indicate a short throttle winding.
Alongside the mixed technology indicators, these numbers support a careful optimistic outlook and modest potential, as predicted by AI.
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