The Ethereum price hit $4300 for the first time since December 2021, finally breaking out of the multi-year $4000 resistance.
ETH’s bullish strength continues to catch even seasoned traders by surprise, as over $200 million worth of short positions got liquidated on Saturday.
Ethereum Treasury companies, particularly BitMine and SharpLink Gaming, are fueling the rally as each rushes to buy 5% of the total ETH supply. Spot Ethereum ETFs are gaining momentum once again, outperforming their Bitcoin counterparts on August 8th.
Despite ETH’s considerable bullish strength, it isn’t showing any concerning signs of overheating. Experts anticipate the real Ethereum bull run will begin now, following its break above the $4K resistance.
A new ETH all-time high appears imminent and could happen in August itself. This provides the ideal backdrop for Ethereum meme coins like Pepe and Floki to explode, with even low-caps like TOKEN6900 in high demand.
Ethereum Price Analysis: Will ETH Hit $5k in August?
The longer the base, the higher in space. This old trading principle defines Ethereum’s current bullish strength.
$4k is a key multi-year resistance, dating all the way back to September 2021. While ETH did manage to breach it in October 2021, it has since become the main resistance level on the Ethereum price chart.
ETH failed to break out above it on three separate occasions since 2024, each failed attempt resulting in sharp sell-offs. That is, until Friday.
Ethereum has now secured a breakout from a 5-year wedge as well as a multi-year range, both in consecutive months.
Additionally, the ETH Moving Average Convergence/Divergence (MACD 12, 26) has achieved a golden cross in the monthly timeframe, an extremely bullish signal.
Simply put, the technicals couldn’t look any better for the largest altcoin. Even its on-balance volume (OBV) has broken out while the ETHBTC trading pair still shows considerable upside.
More importantly, Ethereum now has significantly superior fundamentals than the last time it was trading above the $4000 mark. The pro-crypto and stablecoin legislation have massively benefitted ETH, as has the growing number of treasury firms.
In less than two months, Tom Lee’s BitMine and Joe Lubin’s SharpLink Gaming have nearly $3.5 billion and $2.20 billion in ETH holdings, respectively. Notably, BitMine still holds just 0.69% of the total Ethereum supply while its Chairman Lee have publicly revealed that the firm is targeting to buy 5%.
Meanwhile, spot Ethereum ETFs are also gathering momentum once again after explosive inflows in July. BlackRock’s ETHA now has an asset under management of nearly $10 billion.
Unsurprisingly, experts remain extremely bullish on their Ethereum price forecasts. BitMine’s Tom Lee is eyeing anywhere between $10,000 and $16,000 this year, while $8000 is emerging as the consensus price target.
Even some of the more conservative projections have $6400 as the minimum price target.
Considering the bullish sentiment surrounding Ethereum, it wouldn’t be any surprise that analysts are anticipating it to hit a new all-time high in August.
Ethereum Meme Coins in High Demand, TOKEN6900 Tipped as Next 100x Crypto
Ethereum meme coins continue to be viewed by experts as excellent beta plays on ETH. Smart money investors remain heavily bullish on Pepe and Floki, anticipating both to surpass the $15 billion valuation this year.
Even small-cap meme coins are in high demand. TOKEN6900 (T6900), an ETH-based alternative to SPX6900, is being viewed by many as the next 100x crypto.
TOKEN6900 is based on the original ethos of meme coins: strong anti-Wall Street spirit, meme culture and giving small-scale retailers a chance at big money.
Unlike most new meme coins, T6900 isn’t deceptively pitching itself on utility or AI. It recognizes that the most successful projects in the sector are simply based on popular memes and strong community support. Indeed, TOKEN6900 is no different from Dogecoin, Pepe, Fartcoin and SPX6900.
Moreover, it is a true low-cap coin, with a $5 million hard cap on its presale. Notably, the ICO has already raised over $1.7 million in short order, which means that nearly 35% of coins up for grabs in the presale are already sold out.
This article is not intended as financial advice. Educational purposes only.
