Ethereum (ETH-USD) is trading just under $4,600, but traders on prediction platforms are wagering big that it will climb much higher before the month closes. On Polymarket, the odds of ETH hitting $5,000 by Aug. 31 stand at 64%, while the odds of it reaching $4,800 are an even stronger 90%.
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Traders Stack Bets on Higher Ethereum Prices
The optimism is not confined to one price point. Polymarket data shows traders giving 31% odds of ETH breaking $5,400 and 18% odds for $5,800 before the end of August. Over on Kalshi, another prediction platform, the probability of a new all-time high before September is sitting at 92%.
This confidence comes despite Ether pulling back from its recent multi-year high. Many participants believe that strong technical setups, institutional demand, and healthy on-chain metrics can drive the rally toward uncharted territory.
Key Levels Could Make or Break the ETH Rally
Analysts warn that Ethereum’s uptrend hinges on holding certain price levels. The most important is $4,631, which needs to flip into firm support, according to trader Rekt Capital. He cautioned that if ETH fails to reclaim this level soon, prices could drop toward the $4,000 CME gap, with possible dips to $3,750.
Block_Diversity v.8 echoed that a correction to the $4,000–$4,400 zone could come before the next big move up. Data also highlights the $4,700 level as a danger point, since it has sparked heavy selling in past market cycles.
Here’s What We Need to Think About
If ETH can defend its key supports, traders believe a move to $5,000 or even higher is on the table before August ends. But if those levels fail, the market could see a deeper pullback before any upcoming rally begins.
At the time of writing, Ethereum is sitting at $4,552.52.
