August turned out to be a triumphant month for Ethereum: the second-largest cryptocurrency by market cap rose by roughly 40%, significantly outpacing bitcoin. By the end of the month, the asset approached the critical level of $2600 — a zone where the price previously dropped sharply, leaving behind a so-called "gap" that the market typically returns to. However, analysts are now divided: some predict a continued rally toward $2800, while others expect a correction into the $2250–1930 range.
At the time of analysis, ETH is trading around $2463, with the nearest resistance at $2470. Whether buyers can overcome this threshold will largely determine the further trajectory: either the uptrend gains new momentum, or the market enters a corrective phase.
Macroeconomic backdrop: Fed policy easing as a growth driver
One leading financial sector expert links Ethereum's recent rise to changes in the quantitative easing program and a weaker dollar. These same factors previously acted as catalysts for bitcoin's growth as well. In his assessment, the $2470 level remains a local obstacle for the bulls: a successful breakout of this level opens the path to the $2800 target.
In the long term, he maintains a positive outlook on the market, noting that the risk asymmetry is skewed in favor of growth. The base scenario assumes a continuation of the upward dynamic.
Alternative view: stop hunting and a likely correction
Investor and author of the Qwerty Analytics channel Sergey Gurdyumov, by contrast, expects a pullback. He points out that August's ETH rally was even stronger than BTC's, and during the move, the price collected short sellers' stop orders, reaching a monthly imbalance. He expects a decline from this zone.
However, he also allows for continued growth within the same monthly range — from $2450 to $2780. On the ETH/BTC pair, Gurdyumov notes a turning point: since May 2025, Ethereum has been moving more confidently than the senior cryptocurrency.
"The correction in ETH will be less deep than in BTC," Gurdyumov believes. He expects a decline into the $2250–1930 zone, where the inverted weekly imbalance is located. This area, in his words, will become key support and an attractive point for accumulating long positions.
The analyst also warns of the risk of a "bull trap": it cannot be ruled out that the entire rally turns out to be false, and prices fall below yearly lows. In that case, market sentiment would become extremely depressed, which would subsequently lay the groundwork for an even more aggressive rally. In any scenario, he advises accumulating spot positions on dips to avoid being left without assets in the event of an upward reversal.
Technical picture: indicators signal overheating
On the daily ETH/USD chart, oscillators indicate overheating after the sharp surge. The Stochastic is in the overbought zone with readings of 85.31 and 88.49, while the RSI has risen to 69.15–73.19 — right up against the upper boundary, beyond which cooling typically follows.
Such a picture aligns with the correction expectations of several experts: after nearly 40% growth, the market may need a pause. At the same time, holding the price above $2470 would confirm buyer strength and open the way to higher levels.
The key remains the $2400–2700 range: staying within it preserves chances for a continued rise, while a drop below would strengthen the scenario of a deeper decline.
My view: The situation is classic for the post-rally phase. Technical overheating and the monthly imbalance zone are strong arguments in favor of a correction. However, the fundamental backdrop with expectations of Fed policy easing remains extremely favorable for risk assets. Therefore, the optimal strategy appears to be not chasing the price, but patiently accumulating on pullbacks into the $2200–2300 area, where the risk/reward ratio becomes much more attractive.