Ethereum News Today: Ethereum Consolidates Near $3,620 as $3,700 Resistance Looms

Ethereum (ETH) price has entered a consolidation phase following a strong rally toward $3,900 in July, forming a symmetrical triangle on the 4-hour chart. Currently trading near $3,620, ETH is approaching the apex of this pattern, which historically has often led to a decisive directional move. Key resistance is seen at $3,700, while support levels are forming around $3,580 and $3,374 [1].

Technical indicators reflect a neutral stance, with RSI at 53.13 on the 30-minute chart, signaling no strong momentum in either direction. The MACD remains flat, and Bollinger Bands are narrowing, indicating the likelihood of a volatility expansion [1]. The EMA cluster is stacked in a bullish alignment on the 4-hour timeframe, with the 20 EMA and 50 EMA providing immediate support near current price levels [1].

On-chain data shows a net outflow of $43.31 million on August 6, suggesting bearish pressure and a possible reluctance among traders to push higher into the $3,700–$3,900 supply zone. This outflow aligns with ETH stalling under $3,650 and reinforces the idea that traders are awaiting a clear catalyst to break the consolidation phase [1].

Price action remains constrained within a well-defined horizontal channel between $3,520 and $3,800, with no breakout traction evident from the recent bounce off the lower band. The Supertrend on the daily chart remains bullish above $3,338, though the trend has flattened as bulls hesitate near major resistance [1].

From a short-term outlook, a breakout above $3,700 with strong volume could see ETH pushing toward $3,850 and retesting the $3,900 level. A successful move above this would open the path toward $4,100, aligning with the macro descending resistance from the 2021 peak [1].

Conversely, failure to hold above $3,580–$3,600 could invite a retest of $3,500, with a potential drop toward $3,374 and even $3,200. Further downside could see ETH testing the weekly Fibonacci retracement at $3,067 [1].

With volatility compressed and on-chain flows indicating a possible pause in accumulation, the next 24 hours are critical for direction. Traders are advised to monitor the $3,700 resistance and the $3,580 support for signs of a breakout or breakdown [1].

Source: [1] Ethereum (ETH) Price Prediction for August 7 [https://coinedition.com/ethereum-eth-price-prediction-for-august-7-2025/]