Ethereum (ETH) Price Prediction: What to Expect on July 8, 2023
ethereum Price Update: Market Stabilization Below $2,600
ethereum‘s price is currently stabilizing just under the $2,600 threshold following a significant surge last week. The market is exhibiting a tight trading range as buyers strive to maintain crucial moving averages while monitoring volume indicators for a potential breakout above local resistance levels.
Current Trends in ethereum Pricing
ethereum has been consolidating between $2,560 and $2,590 on both the 30-minute and 4-hour charts after a notable breakout on July 6. The price is hovering around the mid-point of the Bollinger Bands and remains above the Volume Weighted Average Price (VWAP) and Parabolic SAR levels, which are positioned near $2,572 and $2,565, respectively. This indicates persistent buyer interest, even in the absence of immediate upward momentum.
The 4-hour Bollinger Bands have shown slight expansion, allowing ethereum to rise without facing immediate resistance. Importantly, the price is maintaining its position above the 20, 50, 100, and 200 Exponential Moving Averages (EMAs), which are now aligned in a bullish formation between $2,541 and $2,497. This configuration reinforces support and suggests a potential continuation of the upward trend.
Factors Driving ethereum‘s Price Increase Today
The modest upward trend in ethereum‘s price today is supported by a favorable combination of momentum and derivatives positioning. The Relative Strength Index (RSI) on the 30-minute chart is at 56.2, indicating moderate bullish momentum without reaching overbought conditions. The Moving Average Convergence Divergence (MACD) is nearing a neutral crossover, suggesting a phase of consolidation rather than active selling.
From a Smart Money Concepts (SMC) perspective, ethereum has successfully remained above its recent Break of Structure (BOS) and internal Change of Character (CHoCH) levels around $2,540, while also forming equal highs near $2,600. This creates a bullish scenario if the price can reclaim and close above $2,590.
In the derivatives market, data from Coinglass reveals a remarkable 128% increase in ethereum trading volume, reaching $48.49 billion, with open interest rising nearly 5% and options volume surging by 72%. The long/short ratios among top traders on Binance are heavily skewed at 3.17, indicating a strong preference for long positions and confidence in further price increases.
Indicators Suggest Potential for a Compression Breakout
The daily chart indicates that ethereum is consolidating above the Bull Market Support Band, which ranges from $2,194 to $2,407, a level it reclaimed in June. This band historically serves as a macro trend guide, and maintaining a position above it enhances confidence in the current bullish setup.
Fibonacci pivot levels on the daily chart show ethereum trading near the PF1 0.5 S support level (~$2,582), within a rising channel. If this support holds, a move towards R3 ($2,697) and R4 ($2,908) becomes increasingly plausible.
From a longer-term perspective, the monthly chart illustrates that ethereum is contending with a significant intersection of trendlines around $2,550. A monthly close above this area would confirm a macro breakout, potentially unlocking upside targets of $3,284 and $4,089, which represent the next major liquidity zones.
Short-Term Price Forecast for ethereum (Next 24 Hours)
ethereum is currently entering a squeeze zone between $2,565 and $2,595, with several intraday attempts to break higher. A successful breakout with substantial volume above $2,600 could pave the way toward $2,697 (R3) and $2,745, where previous supply remains substantial.
Conversely, if ethereum fails to hold above $2,560, it may prompt a retest of the EMA cluster around $2,540 and $2,514. A deeper pullback could target the support zone between $2,475 and $2,500, aligning with prior VWAP levels and mid-Bollinger support.
Given the tightening range, bullish sentiment in derivatives, and the reclaiming of macro support, ethereum appears poised for a significant move. Traders should keep an eye on volume expansion and a breakout above the $2,600 level to confirm the continuation of the upward trend.
ethereum Price Forecast Overview: July 8, 2025
| Indicator/Zone | Level / Signal |
|---|---|
| Current ethereum Price | $2,577 |
| Resistance Level 1 | $2,600 |
| Resistance Level 2 | $2,697 (Fibonacci R3) |
| Support Level 1 | $2,565 (VWAP/SAR support) |
| Support Level 2 | $2,514 (EMA cluster zone) |
| RSI (30-min) | 56.2 (mild bullish) |
| MACD (30-min) | Neutral crossover |
| Bollinger Bands (4H) | Expanding, mid-band support |
| EMAs (20/50/100/200, 4H) | Bullishly aligned below price |
| SMC Structure | CHoCH/BOS held above $2,540 |
| Derivatives Volume | +128%, Long-dominant bias |
| Bull Market Support Band (1D) | Held above $2,407 |
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