The Ethereum price (ETH) lost momentum this week, dropping 2.12% from a high of $3,940, which has become a resistance level, to around $3,788 at the time of writing, despite rallying 55.72% over the past 30 days.
Mixed signals are appearing from both technical indicators and broader market activity, but some analysts have noted chart signals that could push the Ethereum price to $4,300 this week.
Why Traders Are Turning Bullish on ETH
Several catalysts have fueled ETH’s recent 55% monthly rise. Lookonchain reports that Ethereum ETFs saw net inflows of 126,429 ETH ($486.5 million) on July 28, with BlackRock’s iShares accounting for the lion’s share, adding 120,437 ETH. BlackRock’s iShares Ethereum ETF now holds 2.92 million ETH worth over $11.25 billion.
Meanwhile, BitMine Immersion Technologies, now the largest public ETH holder, announced it had accumulated over $2 billion worth of ETH, aiming for a long-term price target of $60,000 and control of 5% of the total supply.
The company recently completed a $250 million private placement to further its aggressive acquisition strategy, highlighting growing institutional conviction.
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However, this price action hasn’t come without casualties. Over the last 24 hours, more than $450 million in leveraged positions were liquidated. $136.6 million came from ETH alone, with longs accounting for over 78% of the pain. This signals a possible short-term reset or local top, particularly given the overbought conditions that have developed.
Ethereum Price Prediction: Breakout Confirmed, But RSI Stretched
Ether has decisively broken out of its short-term consolidation zone, as noted by multiple analysts on Twitter. ZYN highlighted that similar consolidation patterns led to 25–30% rallies in the past. If history rhymes, ETH could hit $4,300 before the week’s end.
Nishant Bhardwaj echoed this sentiment, noting a “clean breakout” from a multi-year descending wedge. The volume profile confirmed the move, indicating structural strength rather than a fakeout. However, he flagged one concern: the Relative Strength Index (RSI) is overheated.
According to TradingView’s weekly technical summary, ETH’s RSI sits at 68.91, just shy of the overbought 70 threshold, while the Stochastic RSI screams caution at 98.12. Several oscillators, including the Commodity Channel Index and Momentum, have flipped bearish or neutral, even as moving averages remain firmly bullish.
In the short term, if the $3,940 level, its July high, is breached with volume, ETH could be on track for a run toward $4,300–$4,500. Failure to hold above $3,700, however, could lead to a retracement back toward $3,200 or lower, invalidating this bullish Ethereum price prediction.
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