Ethereum Price Prediction: Technical Analysis Signals $4,800 Next As Pattern Mirrors 2021 Bull Run

Ethereum price trades at $3,625 today, August 1, with a 6% decline. The mood this month feels a lot duller than the last, when ETH shot up nearly 50%. But even with the drop, more wallets are showing up. If this keeps up, a return to $4,800 is not off the table.

Ethereum Price Gears For 35% August Rally

Ethereum had a better July than Bitcoin. While BTC managed just an 8% gain, ETH surged by 48% per CoinMarketCap data. That is not how things went the last two years, when July ended in the red for Ethereum in both 2023 and 2024. This time, though, it flipped the script.

Now, the ETH price might also see odds change in its favor in August. In the last three years, this month has ended with Ethereum in the red. The biggest drop was last year when ETH fell by 22%. However, back in 2021, Ethereum had one of its best runs. It kicked off the year at just $736 and kept climbing until it hit $4,868 in November. That remains its highest price to date

It was also in 2021 that the Ethereum price saw its biggest monthly close in history. Just last month, it came close to doing so again. More interestingly, the price is now pushing up against the same resistance from back then.

When these signals come together, they show a bullish Ethereum price forecast. But for that to play out, one key thing has to happen. ETH needs to break past $4,000. That would be the clearest sign of 2021 happening all over again.

Besides, in 2021, Ethereum gained by 35% in August. If everything happens the same way that it did during the year and the same 35% increase happens again, it could take the price of ETH past $4,800.

ETH Addresses Soar to 2-Year High as Demand Rises

Even with the crypto market crashing today, interest in Ethereum has not let up. Sentora’s latest data shows roughly 931,000 wallets moved ETH on Thursday, a level not logged since September 2023.

Ethereum wallets keep ticking up, and the whales are clearly back. Addresses holding 10,000 ETH or more just hit a level we haven’t seen since 2023. When that group starts stocking up, it usually means new money is flowing in rather than coins shuffling between wallets, solid evidence of real demand.

With buyers soaking up supply this quickly, bears have fewer chances to knock the price down. If this appetite sticks around, the Ethereum price could pull off a move similar to 2021, when it jumped roughly 35% in just a few weeks.