Kraken Charts Show Ethereum’s Bullish Momentum Building Toward $4,500

Ethereum's price action is displaying strong bullish signals as it defends key support levels and eyes higher resistance points. On Kraken's hourly charts, ETH/USD has maintained its position above critical moving averages and trendlines, suggesting potential for further gains. The cryptocurrency recently rebounded from the $3,950 support level and has since broken through multiple resistance zones, with traders now targeting a breakout above $4,320. Technical indicators across Kraken's platform reinforce this optimistic outlook, pointing to sustained upward momentum. As of August 12, 2025, market structure appears increasingly favorable for Ethereum bulls aiming for the $4,500 price target.

Ethereum Bulls Target $4,500 as Technical Structure Strengthens

Ethereum's price action shows renewed bullish momentum after defending the $3,950 support level. The second-largest cryptocurrency by market capitalization has surged past multiple resistance levels, now eyeing a potential breakout above $4,320.

Technical indicators suggest strong upside potential. ETH/USD maintains support above both the 100-hour moving average and a rising trendline at $4,250 on Kraken's hourly chart. The current consolidation above the 23.6% Fibonacci retracement level of the recent swing from $3,545 to $4,362 indicates healthy price action.

Market structure favors continuation. A decisive close above $4,400 could trigger accelerated moves toward the $4,500 resistance zone. The bullish scenario remains valid as long as ethereum maintains its foothold above the $4,150 support level.

XRP Price Tests Key Support Level Amid Market Correction

XRP faces mounting pressure as its price struggles to hold above critical support levels. The digital asset retreated from its $3.38 peak after failing to sustain momentum above the $3.25 resistance zone, now trading below both this psychological barrier and the 100-hour moving average.

Technical indicators reveal bearish signals, with a breakdown below a contracting triangle pattern that previously provided support at $3.20. The current consolidation NEAR $3.08 suggests traders are awaiting clearer directional cues, though sustained selling pressure could trigger further downside toward the $2.90 swing low.

Market participants note that XRP's movements mirror broader cryptocurrency trends, with Bitcoin and Ethereum showing similar corrective patterns. The $3.22 level now emerges as immediate resistance, where buyers must demonstrate conviction to reignite upward momentum toward the $3.26-$3.38 range.

Pudgy Penguins' PENGU Token Secures Williams Racing F1 Sponsorship Through Kraken Competition

Pudgy Penguins' mascot will make its high-speed debut at the Singapore Grand Prix after its PENGU token won Kraken's meme coin showdown with Williams Racing. The victory, determined by trading volume dominance on Kraken's platform, grants the NFT project prominent branding on the FW47 car's livery as it races at 200+ mph.

The partnership marks a significant crossover between crypto culture and elite motorsport. Kraken confirmed PENGU led all participating tokens in both trading activity and user engagement during the competition period. Williams Racing will display the penguin mascot during the September event, exposing the brand to Formula 1's global audience.

PENGU's market performance reflects the partnership's impact, with the token posting 55.1% gains over the past month. The collaboration demonstrates how meme coins are evolving beyond speculative assets into legitimate marketing vehicles for mainstream brands.