- Ethereum price 48% July gain outpaces Bitcoin, signaling potential for a bullish August rally.
- Active Ethereum addresses hit 931,000, the highest since September 2023, showing strong demand.
- Ethereum price could surpass $4,800 if it breaks the $4,000 resistance, echoing 2021’s price surge.
Ethereum price could see a significant surge in August, with active addresses showing signs of strong demand. With Ethereum having a better July than Bitcoin, gaining 48% while BTC only rose by 8%, there are growing indications that Ethereum’s price could reach as high as $4,800.
Ethereum Price Could Break Key Resistance at $4,000
Ethereum price had a strong July, outpacing Bitcoin with a 48% gain, compared to Bitcoin 8%. This marks a significant shift from the previous two years when July ended in the red for Ethereum price . The current momentum suggests that Ethereum price could continue this upward trend into August, potentially reversing its typical performance in the month, where it has seen losses in recent years.
In 2021, Ethereum price experienced a remarkable rally, starting the year at $736 and reaching its all-time high of $4,868 by November. The current price is nearing the same resistance level that capped Ethereum price back then. If Ethereum price can break past the $4,000 mark, it could signal a repeat of the 2021 rally, which saw a 35% gain in August.
Source: TradingView
With Ethereum price showing strong demand and a rise in active addresses, there is potential for the price to surge again, possibly surpassing $4,800, mirroring the price movements seen in 2021.
Ethereum Price Rising Demand and Active Addresses Point to a Bullish Trend
Despite the ongoing downturn in the broader crypto market, Ethereum price appeal remains strong. Recent data from Sentora shows that approximately 931,000 wallets moved ETH on Thursday, a level not seen since September 2023. This uptick in activity points to continued interest in Ethereum price even during market corrections.
A key indicator of this rising demand is the increase in large Ethereum price holdings. Addresses with 10,000 ETH price or more have reached levels not seen since 2023. This surge suggests that new capital is entering the market, rather than bitcoin simply shifting between wallets.
Source: IntotheBlock
If this trend persists, Ethereum price could replicate its 2021 performance when it saw a rapid 35% price increase in just a few weeks. As buyers continue to absorb supply, the chances for bearish price movements diminish, potentially setting the stage for a bullish rally.
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