The week started with a bearish trend, but Fed Chair Jerome Powell’s Jackson Hole speech reversed the momentum. Powell hinted at a possible rate cut in September, noting the labor market is weakening more than expected. This statement boosted the global crypto market cap by 4% within hours, with Bitcoin, Ethereum, and altcoins showing strong volatility. 

Ripple Lawsuit Officially Concludes 

The long-running Ripple vs SEC lawsuit officially ended on August 22, as the court approved both parties’ joint dismissal. XRP has now been declared a non-security, fueling optimism across the market. Ripple will pay $125 million in penalties, but the main focus has shifted to its pending XRP ETF application, with the next deadline set for October 18. 

Former SEC Commissioner Paul Atkins also made headlines, stating that “most tokens are not securities.” His remarks highlighted a potential regulatory policy shift and were followed by the launch of Project Crypto. This initiative aims to balance investor protection with innovation in the digital asset sector. 

ETH Prediction, Bitcoin Reserve and YZY Meme Coin 

Ethereum reached a multi-year high on August 23. BitMEX co-founder Arthur Hayes predicted that ETH could rally to $20,000, a forecast backed by strong whale activity and institutional demand. Meanwhile, the Philippine Congress introduced a bill to establish a national Bitcoin reserve. The plan directs the central bank to purchase 2,000 BTC over the next five years and hold them for two decades. 

This week also saw rapper Kanye West step into crypto with the launch of the YZY meme coin. The token quickly reached a $3 million market cap but collapsed soon after. Reports revealed that six wallets controlled 90% of the supply, sparking pump-and-dump allegations. 

Additionally, Tether appointed Bo Hines, former Executive Director of the White House Crypto Council, as Strategic Advisor for Digital Assets and U.S. Strategy. His role will focus on compliance, regulation, and institutional relations. 

What’s Next for the Market? 

The market regained momentum over the weekend, with several tokens posting double-digit gains. Analysts expect the short-term rally to continue, as major hurdles like the FOMC minutes and Powell’s speech are now behind. However, uncertainty remains since the U.S. Initial Jobless Claims and Q2 GDP data are due next week, which may drive fresh volatility. 

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Record-Breaking Inflow Momentum

On June 6, spot Ether ETFs saw $25.3 million in net inflows, marking the third straight trading week of uninterrupted capital movement into these funds. If the trend continues, the current streak could surpass $1 billion next week.

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By contrast, spot Bitcoin ETFs saw a break in their inflow pattern on May 29, posting $346.8 million in outflows. Since then, Bitcoin ETF flows have been volatile.

ETH Price Surge Aligns With ETF Demand

Ether’s price is also strengthening. As of publication, ETH is trading at $2,490, up 31.23% over the past 30 days, according to CoinMarketCap. The bullish trend may be fueling investor interest in Ethereum-related ETFs.

Some analysts, including Crypto Eagles, believe Ether is mirroring historical gold fractals — possibly heading toward a $6,000 price target in the current cycle. ETH’s all-time high of $4,878 was recorded in November 2021.

Staking-Enabled ETFs Could Be Next

While spot Ether ETFs have gained traction, industry voices argue that staking functionality would greatly enhance long-term returns. On May 31, Cointelegraph reported that REX Shares had filed to launch the first Ethereum and Solana staking ETFs in the U.S., possibly within weeks.

ETF analyst James Seyffart noted that while an official launch date is still pending, REX used “regulatory workarounds” to fast-track the product.

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If ETH breaks above this resistance zone, the next target could be around $1,745, especially if the breakout is supported by strong volume.

Trendline Break Could Trigger a Pullback

On the other hand, if the price breaks below the ascending trend support, the next strong support level lies around $1,560. If this level also fails to hold, eyes will shift to the previous swing low.

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Should that previous low be breached, it could confirm the resumption of a bearish trend, potentially leading ETH into a broader correction phase.

Technical Outlook and Strategy

At this point, ETH is in a consolidation zone, typically followed by sharp directional breakouts. Watching the breakout direction and volume confirmation will be key to making informed trading decisions.

Traders are advised to stay cautious and consider entering positions only after a confirmed breakout with adequate volume for higher probability setups.

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On the other hand, if Ethereum fails to hold $1,870, the downtrend could deepen. In this scenario, the next critical support lies at $1,745. A break below this level could trigger further declines, especially if broader market conditions remain bearish. Ethereum’s price action will depend on macroeconomic factors and overall sentiment in the crypto market.

Ethereum’s Key Technical Levels

The most important short-term resistance zone for Ethereum is between $1,920 – $1,960. If the price fails to break above this range, selling pressure could persist. However, a strong breakout with high trading volume could send Ethereum toward the $2,108 resistance level. This would require improved market sentiment and increased buying activity.

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On the downside, $1,870 remains a crucial support level. If it fails, Ethereum could drop toward $1,745. Investors should closely monitor Bitcoin’s price action, as a deeper decline in BTC could accelerate Ethereum’s losses. Liquidity levels and overall market trends will be key indicators for the next move.

Ethereum Searching for Direction: What Should Investors Watch?

Bitcoin’s movements remain a major driver of Ethereum’s short-term price action. If BTC starts recovering, Ethereum could follow. However, macroeconomic uncertainty and global financial conditions may create additional volatility in the crypto market.

Additionally, large investors’ buy or sell orders could significantly influence price direction. If Ethereum fails to hold its key support levels, further selling pressure could emerge. However, if the market sentiment shifts positively, Ethereum could enter a new uptrend and retest higher resistance levels.

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Bitcoin (BTC) Analysis: Testing a Key Resistance Zone!

Bitcoin has rebounded strongly from its bullish FVG (Fair Value Gap) zone, climbing towards the bearish FVG area that formed during its previous decline. However, over the weekend, no major movement was observed in this area, and for now, the price appears to have faced a sharp rejection.

This region serves as a critical resistance zone, and investors looking to open long positions should be cautious here. If Bitcoin fails to break through this resistance, there’s a potential for a pullback towards the $80,000 level.

On the other hand, if there’s a bullish breakout and this resistance is surpassed, the price could rally quickly toward the $86,000 resistance zone. A daily close above these levels may signal a continuation of the strong uptrend in the market.

Ethereum (ETH) Analysis: Will It Reclaim the Key Support?

On the 4-hour chart, Ethereum has lost the critical support zone between $2,037 and $1,927, leading to a decline as low as $1,745. Currently, Ethereum remains priced below this former support area and has yet to establish a clear direction.

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If Ethereum fails to reclaim the $1,927 – $2,037 range, the price may revisit the $1,745 support level. This region acts as a crucial support in the short term.

However, if Ethereum manages to break through the resistance and regain the $2,037 level, a potential rally towards $2,108 could follow. A successful breakout and daily close above $2,108 could trigger rapid upside moves and increased buyer volume.

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