Despite a 2.5% decline in prices over the last 24 hours, Ethereum maintains its position. How are traders reacting to the current market situation?
Overview of Current Trends
Ethereum (ETH) continues to stay above the $4600 level, despite recent changes in market data. Current economic indicators, including the Producer Price Index (PPI), have influenced the overall sentiment in risk assets.
Optimism Among Traders
Expectations for Ethereum's growth remain high, with a 64% probability of reaching the $5000 mark by the end of August. According to data from Polymarket, the odds of reaching $4800 stand at 90%. There is also an 87% probability that Ethereum will set a new all-time high by the end of the month.
Technical Analysis and Support Levels
Analysts note an important resistance and support level at $4631. If ETH fails to hold above this point, a retracement to lower levels may occur. Ethereum also finds support at $4480, which corresponds to the 50% Fibonacci retracement level.
Current economic conditions create uncertainty for Ethereum; however, positive expectations among traders continue to support the market. Attention will be focused on key support and resistance levels in the coming days.
