- ETH trades at $4,547, with strong bets on a $5K breakout by August’s end.
- $4,631 is the key support to flip for bullish continuation; a drop risks $4K–$3,750.
- $4,700 remains the crucial resistance level that’s capped rallies in past cycles.
Ethereum is trading just under $4,600, cooling off after a red-hot Producer Price Index print rattled the market and sparked a quick pullback from multi-year highs. Even with the dip, sentiment among traders remains surprisingly upbeat — many are still calling for ETH to cross $5,000 before year-end, with some betting it happens within weeks.
Prediction Markets Lean Bullish
On Polymarket, the crowd is leaning heavily toward a breakout. Odds for ETH hitting $5,000 before August wraps up sit at 64%, while a $4,800 tag gets a hefty 90% probability. Bets are also trickling in for more ambitious targets: a 31% shot at $5,400 and an 18% chance for $5,800 in the same time frame. Over on Kalshi, the sentiment is even hotter — 92% believe we’ll see a new all-time high before September.
Key Levels Traders Are Watching
For now, the $4,600 area — which also marks the previous record weekly close — is the battleground. Popular analyst Rekt Capital says ETH needs to flip $4,631 into solid support to “confirm upside into price discovery.” Failure to do so, he warns, could send prices back toward the $4K CME gap, maybe even wicking down to $3,750. Other traders, like Block_Diversity v.8, see a possible cool-off into the $4,000–$4,400 demand zone before the next push higher.
The $4,700 Pressure Point
Onchain data also throws $4,700 into the spotlight. This is where ETH’s +1 standard deviation Active Realized Price band sits — a level that’s triggered heavy selling in past cycles. Holding steady above this zone could be the launchpad bulls need. But if history repeats, it could also be the tripwire for another correction.
