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Ethereum price forecast (ETH) for August 9
The price of Ethereum continued to recover, rising from the August 5 low of around $3450 and testing the $3950 area. This rise broke the descending structure and retested the support level of $3708, which essentially became a resistance level and now serves as a starting point for the current surge.
On the 4-hour chart, ETH is holding above all major exponential moving averages (EMA). EMA20 at $3749, EMA50 at $3686, and EMA100 at $3623 are now positioned below the price, which enhances market momentum. This position favors continued growth as long as $3800 acts as short-term support.
Bollinger Bands have widened, indicating an increase in volatility, while the price is moving along the upper band, which is a sign of sustained bullish momentum. The breakout has also pushed ETH above the overall trend line established in July, restoring the structure with a higher high.