ETH Price Eyes $4,000+ Rally as Smart Money Bets Big on Recovery

The ETH price has displayed renewed bullish momentum in the most recent session. This advancement occurred following a sharp dip to $3,357 earlier in August. 

Since then, the Ethereum price has surged past $3,550, with multiple technical patterns and significant whale accumulation. Now, experts are pointing toward a potential breakout beyond $3,900 and possibly $4,100 in the short term.

ETH Price Breaks Out From August Lows

After a bleeding start to August from a sell-off, the ETH price today sits at $3,554, rebounding strongly from a low of $3,357 recorded on August 3rd. 

This reversal began mid-morning on August 3rd, pushing the price up by nearly $200 within 24 hours, highlighted on a 15-minute chart. He revealed that ETH price is poised for an 11% rise targeting beyond $3900 level. 

According to short-term charts on 15-minute and 1-hour timeframes, Ethereum USD is in a clear uptrend. 

In fact, a different analyst has also aligned this optimism; he revealed a textbook inverse head and shoulders pattern on a 1-hour chart, with its neckline already breached. 

Now his targets range between $3,777 and $3,985, aligning with growing optimism in the broader market.

Technical Patterns Signal Continuation of Uptrend

Beyond short-term formations, the ETH price chart on the 4-hour timeframe confirms a solid support structure forming just below current levels. This shows that the Ethereum USD appears to be holding this support well, increasing the likelihood of testing and possibly flipping the $3,900 resistance zone.

If the trend continues, the Ethereum price prediction for the near term suggests a surge toward the $4,100 level, per the analyst. The analyst even believes that if such a breakout manifests on this 4-H chart, it would be a trigger for a broader altcoin rally. This makes the upcoming Ethereum’s move extremely vital, which may act as a market catalyst.