Ethereum Holds at $3.4K as Analysts Predict Short-Term Consolidation

• ETH holds above key support amid reduced volume and ongoing volatility.
• Analyst sees $3.2K–$3.4K as a key bounce zone before a possible $4K target.
• RSI and MACD confirm cooling momentum, suggesting short-term consolidation.

Ethereum (ETH) has maintained its position above support levels following a decline from late July highs, as market participants track key price zones and technical signals for the next move. At the time of writing, ETH traded at $3,493.37, recording a 2.94% daily increase after a period of high volatility and daily recovery.

Source: CoinMarketCap

ETH’s market capitalization stands at $421.93 billion, a 0.36% decrease. Meanwhile, 24-hour trading volume decreased by 22.66% to $28.18 billion, showing a reduction in trading intensity. The volume-to-market cap ratio is 6.93%.

However, despite its price increase over the last 24 hours, market analyst Michaël van de Poppe stated that a 15% drop from recent highs could create a positive environment for accumulation, with the possibility of a reversal if these lower levels are reached. Van de Poppe projected that, if momentum turns, the next upside target could rise above $4,000.

A technical chart shared by CryptoInsMR identified two zones with a strong probability of bullish re-entry. The range between $3,200 and $3,400 was noted as an area with a 70% chance of allowing a price bounce based on prior volume support and past consolidation. A secondary support zone, between $2,950 and $3,100, was described as a deeper entry point with a 30% possibility of being reached if broader market risks persist.

Source: X

Ethereum Recent Trading Action and Market Metrics

Ethereum’s price action from early July to August included a sudden gain, followed by a decline from a peak near $3,950. During this correction, the Relative Strength Index (RSI) displayed a bearish trend, as the asset reached higher price highs but lower RSI readings. The RSI has since remained at 53.63, recovering from a previous low after falling from the overbought zone of 72.64.

Source: TradingView

The MACD indicator also indicates a declining mood. At the last session, the MACD line stayed at 163.80, under the signal line (234.24), indicating a histogram reading of -70.44.