Ethereum (ETH) Price Prediction for August 2

After a multi-week rally that lifted Ethereum price toward the $4,000 psychological barrier, bears have re-emerged, pressing ETH below key short-term supports. With momentum oscillators pointing lower and rising outflows, Ethereum price today sits at $3,630, teetering near the lower boundary of a key ascending channel.

What’s Happening With Ethereum’s Price?

On the 4-hour timeframe, Ethereum price action has broken beneath the midline of its rising channel and is now testing the lower boundary near $3,625. The Supertrend has flipped bearish at $3,899, suggesting momentum has shifted to sellers for the first time since mid-July. The -DI line on the DMI indicator has spiked to 30.4 while +DI drops to 11.0, confirming dominant downward pressure.

The daily chart reveals a broader structural view. After topping out near $3,940 on July 29, Ethereum has slipped back into the $3,600s zone, reacting sharply to supply encountered around the $3,900–$4,000 resistance band. Historical liquidity from the April 2024 range remains intact near this level, adding further headwinds for upsi…

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