After 48% July Gain, Can Ethereum Break Key $4K Resistance in August?
Main Idea
Ethereum outperformed Bitcoin and other assets in July with a 48% gain, driven by strong demand and ETF inflows, but faces a key resistance level at $4,000 in August.
Key Points
1. Ethereum (ETH) surged 48% in July, significantly outperforming Bitcoin (BTC), which gained 7.9%, and other asset classes like equities and commodities.
2. The rally was fueled by $5.4 billion in net inflows into U.S. spot Ethereum ETFs, creating strong buying pressure.
3. On-chain data shows high demand, with daily active Ethereum addresses peaking at 841,100 and significant accumulation by institutional players like SharpLink Gaming.
4. Ethereum was rejected at the $4,000 resistance level at the end of July but has historically averaged a 4.89% return in August, with bullish sentiment due to parallels to the 2017 bull market.
5. The 4-hour Relative Strength Index (RSI) is oversold, suggesting potential for further upside if the $4,000 resistance is breached.
Description
Bitcoin price performed well in July but August spotlights Ethereum The U.S. spot BTC and ETH ETFs opened August with a notable cash outflow. Historical performance analysis suggests a bullish breakout for ETH in the midterm. Ethereum (ETH) significantly outshined Bitcoin (BTC), precious metals, bonds, top commodities, and the equities market in July. Although Bitcoin price reached a new all-time high (ATH) in July, the second-largest crypto posted a massive 48% gain for the month, strongly outp...
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