Ethereum (ETH) Price Prediction: ETH Market Anticipates a Bull Run as It Trades Above the 20-DMA

The global crypto market continues to experience mixed sentiments, yet stalwarts like Bitcoin and Ethereum show remarkable resilience, holding onto gains from the previous day.

The global cryptocurrency market displayed mixed sentiments on August 11, with some stalwarts, like Bitcoin and Ethereum, showing remarkable resilience and holding onto gains from the previous day. According to CoinMarketCap, the total market capitalization saw a modest rise of 1.47%, reaching $2.15 trillion, while trading volume fell by 17.88% to $63.99 billion.

Among the top 100 cryptocurrencies, nearly 50 experienced gains, led by NEAR Protocol (up 8.93%), Stacks (up 7.06%), and Filecoin (up 6.08%). On the other hand, Axie Infinity led the losers with a 4.28% decline, followed by Uniswap (down 3.06%) and Chainlink (down 2.66%).

ETH Price Action: Holding Above $3K Threshold

Ethereum faced significant volatility but remained above the $3,000 threshold. At the time of writing, ETH is trading at $3,096, showing a 1.39% increase over the last 24 hours. Its price oscillated between a low of $3,025.51 and a high of $3,129.02 during the day.

Similarly, Ethereum’s market capitalization rose by 1%, reaching $370.23 billion. Despite these modest gains, the ETH token has yet to neutralize the bearish trend in its market. However, a breakout above the $3,600 mark could clear the path for renewed bullish momentum in the near future.

Meanwhile, its 24-hour trading volume decreased by 21.83% to $14,294,058,348. Is a Rise to $3.4K Mark Possible?

Focusing on the 4-hour chart analysis, the ETH price is anticipated to continue ascending in the short term as it trades above the 20-day moving average. Moreover, originating from the oversold regions, the RSI sharply rose above the neutral line at 57.04, further corroborating this market optimism.

This positive price action is likely to push ETH toward the $3,200 resistance zone. Breaking this level could drive ETH to the $3,480 mark, around the 61.8% Fibonacci level, a high seen on July 1, representing an 11% increase from its current price.

Conversely, if FUD takes over, ETH could dip toward the 20-day moving average for support. A breach below this level could push ETH to deeper lows, targeting July’s low of $2,813.

Prominent crypto figure Ted Pillows predicts ETH on Brink of Bull Run

Ted Pillows, a well-known personality in the crypto space, recently shared his thoughts on Ethereum (ETH). According to Ted, ETH is currently trading within a consolidation range, which is often a precursor to significant upward movement.

Pillows highlighted that ETH has been rallying since June 19, and this consolidation could pave the way for the next leg of the bull run. He further added that ETH is likely to continue rising if it can sustain above the 200-day moving average, which currently stands at $2,766.

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