Ethereum Price Rises 32.8% in August, Eyes $2,783 Resistance

Ethereum's price has risen by 32.8% in August, and at press time, it is trading at $2,471.16.

This increase can be attributed to increased derivatives trading and a large whale transaction that has kept traders focused on the next level of resistance.

The crypto remains above its 20-day Bollinger Bands middle line of $2,247.57, indicating a bullish setup.

However, volatility may increase if Ethereum reaches the $2,783 mark without new buying activity, as indicated by an elevated RSI indicator.