August became a month of triumph for Ethereum, which demonstrated impressive momentum, outpacing bitcoin. During this period, ETH gained about 40%, approaching the monthly imbalance around $2600. This zone previously became an area of sharp decline, leaving behind a price gap that the market tends to return to. The key question for traders now is whether the uptrend will continue or whether a correction awaits us, and analysts' opinions here diverge radically.
The macroeconomic factor and resistance at $2470
The current ETH price is holding around $2463, with the nearest resistance located at the $2470 level. Much depends on the outcome of the battle for this level. On one hand, Ethereum's growth is fueled by expectations of monetary policy easing by the Federal Reserve and a weakening US dollar. These same factors previously acted as drivers for bitcoin, and now they are also providing support to the second-largest cryptocurrency by market capitalization. If buyers manage to establish themselves above $2470, the next target will be the ambitious level of $2800.
Bearish scenario: overheating and inevitable discharge
However, there is also an opposing point of view. The sharp upward surge led to the collection of stop orders from short sellers, and the price reached the monthly imbalance, from which some experts expect a pullback. Technical indicators only confirm these concerns: the stochastic is in the overbought zone with values of 85.31 and 88.49, and the RSI has approached the upper boundary, reaching 69.15–73.19. Such a picture indicates an overheated market that may require a pause to "cool down."
Within this scenario, the correction could be deeper than bitcoin's, with targets in the range of $2250–1930. This zone, where the inverted weekly imbalance is located, is considered potential support and an attractive area for accumulating long positions. At the same time, one should not completely rule out a darker scenario in which the entire August rally turns out to be a "bull trap," and prices fall below the yearly lows.
Key levels and strategy
In the short term, the range of $2400–2700 remains decisive. Holding within it preserves chances for a continued rise, while a breakdown to the downside would strengthen the scenario of a deeper decline. Notably, the ETH/BTC pair has shown confident movement of Ethereum relative to the senior cryptocurrency since May 2025, which may indicate a smaller correction depth specifically for ETH.
My professional assessment: the market is at a bifurcation point. Given the overheated indicators and proximity to strong resistance, a short-term correction looks more likely. However, the overall uptrend and macroeconomic backdrop remain in favor of the bulls, so any significant drawdowns should be viewed as an opportunity for accumulation rather than a signal for panic.