The cryptocurrency market has been on the rise in the last two months, driven by institutional investments that overshadowed macroeconomic indicators. However, analysts warn that this momentum could reverse in August. New tariffs announced by US President Donald Trump, ranging from 10% to 41%, combined with weak employment data, have intensified selling pressure on both traditional and crypto assets. In July, Ethereum (ETH) attracted attention with an impressive 49% surge, while Bitcoin (BTC) surged 8%, reaching a new all-time high mid-month. This rise was fueled by strong investment flows into ETFs. While Bitcoin ETFs continue to see steady inflows, interest in Ethereum-focused funds has surged. The influence of a new generation of treasury companies aiming to accumulate crypto assets has also been notable. However, analysts are expecting a pullback in the crypto market for August, particularly following the widespread sell-off in stocks and the bond rally. “Bitcoin is caught between ETF-fueled optimism and global trade tensions,” said NoOnes CEO Ray Youssef. “Unless a new macro catalyst emerges, it could trade within a narrow price range,” Youssef said, noting that price volatility is expected to be low in August, but investor positions will remain active. Pauline Shangett, ChangeNOW's Director of Strategy, shared a similar view: “I expect Bitcoin to trade within a narrow range in the near term. Ethereum, however, may be more resilient thanks to ETF demand and interest from large investors.” More than $5 billion in inflows into Ethereum ETFs in July brought the total inflow to $9.64 billion. Around $6 billion in new investments were also made into Bitcoin ETFs during the same period. “We're turning this consolidation period into an opportunity,” said Wolfe Research technical analyst Read Harvey. “We expect new momentum and a breakout in the coming weeks.” Harvey argued that pullbacks present buying opportunities and that crypto assets will continue to outperform stocks. According to Ray Youssef, Bitcoin could trade between $114,000 and $120,000 in August, with buying support likely at $103,000-$109,000. For Ethereum, a push to $4,000 is possible as long as it stays above $3,750. However, the $3,200 to $2,900 area remains a strong support area. According to experts, the biggest uncertainty for crypto markets lies in the Fed meeting in September. “Jerome Powell's statements often trigger sudden and sharp price movements,” Youssef said, noting that market sentiment could shift rapidly if geopolitical tensions escalate. However, unless macroeconomic conditions deteriorate dramatically, both Bitcoin and Ethereum are expected to continue gaining momentum below the surface. *This is not investment advice.