Ethereum Price Near $4,356 as Bulls Eye Breakout Above $4,577 - BTC Hunts

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Ethereum price today is trading at $4,356.94, with a 1.53% gain in the past 24 hours. Despite a negligible 0.39% dip over the week, traders appear optimistic, with 24-hour trading volume jumping nearly 70% to $33.94 billion. The surge comes as developers finalize testnet plans for the much-anticipated Fusaka hard fork, slated for Q4 this year. With a focus on validator efficiency through PeerDAS and gas limit adjustments, it has injected optimism into Ethereum’s long-term outlook.

For reference, past upgrades such as Dencun delivered sharp price rallies, with ETH climbing 32% afterward. Coupled with a 27% rise in futures open interest this week, the current setup shows that both retailers and institutions are preparing for a potential upside.

Active Addresses on the Rise?

Ethereum’s network activity is reinforcing the bullish sentiment. Active addresses have rebounded to 645k daily, recovering from early August lows and holding well above the 439k mark seen in July. This steady climb in participation reflects renewed user demand and validates the broader narrative that ETH’s rally isn’t purely speculative.

Source: Santiment At the same time, institutional wallets continue to accumulate, while whale exchange inflows remain limited, thereby reducing immediate sell pressure. Combined with the 27% rise in open interest, this points to an environment where traders are positioning long while organic network activity supports the price base. With Fusaka’s final code audit due in late September, momentum could build further as investors anticipate the upgrade.

ETH Price Analysis

Looking from a technical perspective, it is evident that ETH is caught between critical resistance and a well-tested support. On the 4-hour chart, the Bollinger Bands are tightening, signaling a potential breakout phase. ETH price faces immediate resistance at $4,577, a level that has capped multiple rallies. Beyond that, a push toward the $4,774 zone could bring ETH closer to its current all-time high of $4,953.73.

Conversely, the support at $4,155 remains vital. If this floor fails, ETH could pay a visit to the $3,967 zone. For now, the RSI sits at 54.3, indicating a neutral stance but with a slight bullish tilt. Meanwhile, the MACD remains negative, underlining caution even as momentum builds.

Overall, ETH appears to be consolidating before a larger move. A decisive break above $4,577 would likely confirm a bullish continuation, while losing $4,155 could shift sentiment back in favor of bears.

FAQs

Why is the ETH price going up today? ETH is gaining on the back of Fusaka hard fork developments, higher trading volume, and stronger network activity.

What are the key levels to watch? Immediate resistance is at $4,577, with stronger resistance at $4,774. Key support zones are $4,155 and $3,967.

Could ETH revisit its ATH soon? If ETH clears the $4,577 bar convincingly and active address growth sustains into Fusaka’s rollout, a retest of the $4,953 ATH is possible in the coming months.