On the daily chart, ethereum recently confirmed a significant bullish breakout from the $3,351 level, surging to a high of $4,890 before encountering resistance. This rally was marked by large bullish candles and increased trading volume, indicative of renewed market momentum. While the $4,890 resistance level has triggered some profit-taking, the overall trend remains upward, supported by higher highs and higher lows. If the price retraces toward the $4,400–$4,500 range and maintains support, it may offer an ideal buy-the-dip opportunity. However, a failure to reclaim $4,890 convincingly could signal a short-term pause or correction.

ETH/USD via Deribit 1-day chart on Aug. 23, 2025.

On the 4-hour chart, ethereum displayed a classic V-shaped recovery from $4,062 to $4,890, likely fueled by a short squeeze or a news-driven rally. The price is now consolidating between $4,700 and $4,890, which is a healthy development following such a steep ascent. Support at $4,650–$4,700 is critical; a strong defense here could precede another push toward recent highs. Traders should monitor volume closely, as a breakout above $4,890 on strong volume would confirm continuation, while a breakdown below $4,650 might indicate short-term weakness.

ETH/USD via Deribit 4-hour chart on Aug. 23, 2025.

The 1-hour chart reveals that ethereum has entered a narrow consolidation range between $4,700 and $4,800 following the rapid surge from $4,200 to $4,890. Volume has decreased during this range-bound movement, suggesting indecision or anticipation of the next catalyst. Scalpers could consider entering long positions on a bounce from $4,700 with a tight stop, targeting exits near $4,800–$4,850. However, a drop below the $4,700 support could invite quick downside pressure. The microstructure implies neutrality, with short-term momentum waiting on confirmation.

ETH/USD via Deribit 1-hour chart on Aug. 23, 2025.

Oscillators paint a mixed technical picture. The relative strength index (RSI) stands at 63.7, stochastic at 70.6, commodity channel index (CCI) at 121.8, and average directional index (ADX) at 41.3—all in neutral territory. The momentum oscillator is signaling a sell at −25.9, contrasting with the Awesome oscillator at 385.0 and the MACD level at 247.0, both indicating bullish sentiment. This divergence suggests that while directional strength is present, momentum may be tapering off, warranting cautious optimism.

All key moving averages (MA) point to continued bullish strength. The 10, 20, 30, 50, 100, and 200-period exponential moving averages (EMAs) and simple moving averages (SMAs) are firmly aligned in a positive territory. The shortest EMA at $4,448.1 and SMA at $4,440.2 confirm short-term support above $4,400. The longer-term EMAs and SMAs, ranging from $3,798.9 down to $2,606.6, further reinforce the structural bullish trend. This alignment across timeframes suggests strong foundational support, reducing the probability of a deep retracement barring a major market shift.

Bull Verdict:

Ethereum’s multi-timeframe alignment, strong institutional volume, and confirmed bullish signals across all major moving averages support a continued upward trajectory. As long as the $4,700 support holds and $4,890 is reclaimed, ethereum remains poised for another leg higher, with potential to break into uncharted territory above the $5,000 mark.

Bear Verdict:

Despite ethereum’s recent rally, the overextended move combined with weakening momentum and mixed oscillator signals raises the risk of a short-term correction. Failure to hold the $4,700 support or rejection at $4,890 could trigger a pullback toward the $4,400–$4,200 range, challenging the bullish outlook in the near term.

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