Can ETH reach a new high in August?

There is uncertainty about whether ETH can reach a historic high in August, but there are multiple positive signals:

Surge in on-chain activity: On August 5th, the daily trading volume reached 1.74 million, a historic high, surpassing the peak of the 2021 bull market. The monthly trading count and active addresses in July both hit new highs, reflecting active DeFi and institutional deployments.

Strong institutional inflows: In July, corporate ETH holdings surged by 127.7% to over 2.7 million, accounting for nearly half of total ETF holdings, driving the price up by 48%, making it the best-performing large-cap coin, marking a structural shift.

Price momentum recovery: This week saw a rebound of 8%, recovering more than 80% of the previous correction, and after clearing leverage, it returned to range-bound volatility, challenging the traditional downward trend of August.

Currently, ETH is only 22% lower than its historic peak, with on-chain activity and price behavior in sync. Although historically, there is a 60% probability of a decline in August, factors such as high trading volume and institutional accumulation may drive prices to break through, necessitating caution regarding macroeconomic conditions and market sentiment volatility risks.