After 48% July Gain, Can Ethereum Break Key $4K Resistance in August?

• 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 outperforming Bitcoin’s 7.9% rally and pushing right up against the crucial $4,000 resistance level.

According to an analysis by Ecoinometrics, the “risk-on” sentiment that lifted all markets in July clearly favored Ether the most. A key driver for this outperformance was the massive success of the new U.S. spot Ethereum ETFs, which pulled in approximately $5.4 billion in net inflows throughout the month, fueling intense buying pressure.

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