The Ethereum price had a relatively mixed August. The ETH price managed to rise by more than 30% from its lowest level in August to a high of $3,380. In the past few weeks, however, the coin has moved sideways. Precisely, it has remained inside the key support level at $3,000 and resistance at $3,380. Its total market capitalization has jumped to more than $381 billion and is the second biggest coin in the world.
Ethereum price made a strong recovery in August as investors remained optimistic about its rising role in the blockchain industry. Besides, many cryptocurrencies are built using Ethereum’s network. Similarly, the Decentralized Finance (DeFi) products built using the platform have the biggest market share in the industry. In August, the total value locked in the ecosystem rose to more than 482 billion while key tokens like Uniswap and Aave rallied.
In August, ETH price jumped after the developers ran an upgrade to the network that was known as the London hard fork. This fork introduced some key concepts like burning to Ethereum’s network. As a result, this was a positive tuing for Ether prices.
Another notable thing that happened in August was that demand for alternatives to Ethereum rebounded. For example, Solana price jumped substantially in August while its ranking jumped to position 8. Other Ethereum-killers that did well were Avalanche, Elrond, and Algorand. So, what next for Ether?
The hourly chart shows that the ETH price has been in a tight range in the past few days. The price has faced substantial resistance slightly below the upper side of the channel. It has also moved above the 25-day and 50-day moving averages. When you extend the chart into a daily chart, the current consolidation becomes a bullish flag pattern.
Therefore, Ethereum price will likely bounce back in September as bulls target the key resistance level at $4,000. However, a retest of the support line at $3,000 will not be ruled out.