Ethereum Defies Correction Calls as Analysts Eye $5,000 Target by August

Ethereum is holding on to recent gains and is not showing any signs of a short-term correction yet. The asset is currently moving toward the upper bands of its two-week range-bound channel and could break out soon.

“I think I’m wrong about ETH getting some short-term downside,” crypto analyst ‘Byzantine General’ told his 236,000 X followers on Wednesday.

“It’s too strong and refuses to print any significant correction,” they added, noting that derivatives funding rates were going negative.

Funding rates are periodic payments between traders in perpetual futures contracts to keep the contract price aligned with the underlying asset’s spot price.

When funding rates go below baseline, it usually indicates bearish market sentiment as more traders are short than long, creating an imbalance, but this doesn’t seem to be happening with ETH.

I think I’m wrong about $ETH getting some short term downside.

It’s too strong, refuses to print any significant correction, funding now going below baseline too. It’s looking like a just fucking send it moment. pic.twitter.com/IAEBcC5rnT

— Byzantine General (@ByzGeneral) July 30, 2025

ETH to $5,000 in August?

Founder and CEO of ITC Crypto, Benjamin Cowen, zoomed out, noting the previous rejections at $4,000 in 2024 and saying that Ether needed to “go home” or crash back to bear market levels, which it did in April 2025.

Now that the big dump has happened, ETH should break $4,000 this time around, he said. Cowen has predicted that the asset will trade in a realistic range of $5,700 to $7,500 for new all-time highs this cycle.

Meanwhile, ‘Crypto GEMs’ predicted that ETH would reach $5,000 by the end of August. This month of the bull market year (the one after the Bitcoin halving) has been historically good for Ether.

Super complex technical analysis for Ethereum pic.twitter.com/k4eSLlxuD3

— Benjamin Cowen (@intocryptoverse) July 31, 2025

‘Crypto Xlarge’ observed that Ethereum is currently testing the major $3,900 weekly resistance zone. They added that RSI is still not in overbought territory, the post-2021 all-time high breakout structure looks much healthier, and the downtrend has already been broken with a successful retest.

The Ethereum community celebrated Ethereum’s 10th anniversary by ringing the closing bell at NASDAQ on Wednesday. “We worked to seed a new ecosystem and onboard TradFi to DeFi, with a mission to rebuild the global financial system. And together, we’re doing it,” said Ethereum co-founder Joseph Lubin.

ETH Price Outlook

Ether has gained 1.2% on the day to reach $3,860 during the Thursday morning Asian trading session. However, this resistance level has been approached twice before over the past week, proving too strong.

Institutions continue to accumulate the asset with spot Ether ETFs equalling their record 19-day inflow streak and corporate treasury firms purchasing more ETH.

Donald Trump’s son Eric gave another endorsement when it was pointed out that ETH was up 36% since his first one.

https://t.co/q5fIKusui6

— Eric Trump (@EricTrump) July 29, 2025