This month has been an exciting ride for Ethereum investors, as the crypto surged to new heights not once, but twice. Riding waves of optimism around spot ETFs and a strong market push, Ethereum (ETH) first climbed to $4,845. Then, just a few days later on August 24, it broke records again, reaching a fresh all-time high of $4,953. Summary Ethereum hit two new highs this month, peaking at $4,953 on August 24, before pulling back to around $4,587 on August 28 — approximately 7% below its ATH. Key support at $3,900 is holding firm, acting as a critical level for maintaining bullish momentum and signaling potential for further gains. Positive catalysts include increased optimism around spot ETF approvals, strong network fundamentals, and institutional demand fueling renewed buying interest. Technical analysis suggests a bullish setup, with higher highs, strong volume support, and a Fibonacci-based upside target of $5,790. If ETH maintains support above $3,900, analysts expect a potential rally toward $5,790; a breakdown below this level could trigger a deeper correction. Current ETH price scenario As of August 28, Ethereum is hovering around $4,587, roughly 7% below its fresh all-time high. ETH 1-day chart, August 2025 | Source: crypto.news Right now, it’s catching its breath just below that peak, with solid support holding strong around $3,900. This level is a crucial checkpoint for keeping the bulls in charge. If Ethereum can defend this zone, we could see it gain momentum and push toward the next major target near $5,790, according to the Fibonacci levels. Catalysts: ETH near $4,620, up ~2% on the day Ethereum’s getting a lift from some strong tailwinds. Spot ETFs look more likely to get the green light, the network itself is healthy, and institutions are still showing plenty of interest. All these factors are helping spark fresh buying energy, which fits right in with the positive price trends we’re seeing for Ethereum across the market. The $3,900 support level, previously a resistance barrier, has flipped into a key support zone. Holding this level validates the recent breakout above the previous all-time high and signals a strong bullish structure. Ethereum price support established at $3,900 on 1D chart | source: TradingView Traders are watching this support closely, as a successful retest here will reinforce the market’s confidence in Ethereum’s upward trend, a vital component in many Ethereum crypto price prediction models. ETH price prediction: Key signs ETH may rise toward $5,790 Ethereum looks ready for another upward run, based on some key technical indicators. Traders and analysts are watching closely for certain signals that could confirm the next rally phase. Check out the main signs that could push ETH toward $5,790. Sign 1 Ethereum’s market structure remains decisively bullish, characterized by higher highs and higher lows. This shows that buyers are in control and suggests there’s room for the price to keep moving up, which backs up the positive Ethereum price forecast. Sign 2 Volume confirmation during consolidation phases supports the idea that demand is holding steady at key support levels. A volume-backed retest of $3,900 will signal strength to traders. Sign 3 Looking at recent swings and Fibonacci levels, $5,790 is the next target on the radar. As long as ETH keeps its momentum and demand doesn’t fade, reaching that number seems more and more achievable. ETH price prediction based on the recent situation Ethereum’s breakout above its prior all-time high has shifted market dynamics strongly bullish. Currently, ETH is consolidating with critical support near $3,900. If this support holds, the path is clear for a potential rally toward the $5,790 Fibonacci extension target. However, if Ethereum fails to hold $3,900, momentum could weaken, and a deeper correction might unfold, delaying or derailing the next leg up. This scenario would adjust the broader Ethereum projection and require reassessment of current ETH price forecasts. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
