After 48% July Gain, Can Ethereum Break Key $4K Resistance 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.