Ethereum (ETH) Price Prediction for August 5
Ethereum’s recent pullback appears to be pausing near a key Fibonacci confluence zone and mid-channel support. After briefly touching a weekly high near $3,576, Ethereum price today trades around $3,535, with mixed indicators suggesting indecision ahead of a breakout decision.
On the weekly chart, Ethereum price is once again reacting to long-term descending trendline resistance near $3,540, aligned with the 0.382 Fibonacci level from the 2021–2022 high-low range. Price was rejected cleanly after tagging this level, which also overlaps with historical weekly rejection zones, making it a major structural barrier for bulls to overcome.
On the daily timeframe, ETH is hovering just above a strong support zone near $3,500, where previous demand led to sharp rallies. This level coincides with the top of a previous breakout wedge and also the neckline of a multi-month inverse head and shoulders. The bullish bias remains structurally intact unless price breaks below $3,320, the neckline retest area.
Why Ethereum price going down today may be best explained by rejection from long-term resistance and short-term overbought conditions. Price spiked toward $3,576 but failed to close above the resistance band around $3,540–$3,565, triggering profit-taking.
On the 4-hour chart, Bollinger Bands show Ethereum pushing into the upper band during the failed rally, followed by contraction and rejection. This aligns with a bearish Supertrend flip at $3,639 and a declining directional movement index (DMI) trend strength, where -DI remains above +DI and ADX has started to fall, indicating a weakening bullish drive.
Spot inflows also reflect mixed sentiment. As of August 4, net inflows into exchanges rose to $50.16M, suggesting that some holders may be positioning for short-term exits near resistance levels. These movements typically precede local peaks unless offset by strong volume absorption.
The 30-minute chart shows Ethereum price action unfolding inside a rising channel with higher highs and higher lows since the August 2 reversal. However, the RSI has started to cool near 62, retreating from overbought territory. MACD histogram has also flattened, and the signal line crossover looks tentative, hinting at momentum loss.
Meanwhile, on the 4-hour chart, price has reclaimed the 20 and 50 EMAs at $3,542 and $3,566 respectively. However, candles remain under the red Supertrend flip zone ($3,639), suggesting caution for aggressive long entries. The 100 EMA ($3,617) is the next immediate hurdle. A reclaim of this level would likely validate a fresh breakout push toward the $3,700–$3,750 region.
Weekly RSI remains in bullish territory and is attempting to establish a higher low pattern. The 0.618 Fib level ($3,067) from the weekly structure remains a strong mid-cycle anchor, with the next decisive breakout level at $4,106 (Fib 1.0 zone).
If bulls manage to close Ethereum price above $3,565 with follow-through, the next resistance zones lie at $3,680 and $3,750. Clearing $3,750 would bring the psychological $4,000 mark into play. However, failure to reclaim $3,565 could lead to a retest of the 200 EMA ($3,339) on the 4-hour chart and possibly dip toward the Fib support zone near $3,250.
Given the mixed technicals and heavy long positioning, Ethereum is likely to remain range-bound between $3,480 and $3,620 until a decisive catalyst emerges. Traders should watch for a Bollinger squeeze breakout and MACD confirmation for the next directional move.
