$ETH rose above $4050 against the backdrop of strengthening RSI, bulls aimed for $4350
On August 8, #Ethereum surpassed resistance at $4050 after Sharplink Gaming announced a direct placement of its shares worth $200 million aimed at increasing its Ethereum treasury to over $2 billion.
Institutional support for Sharplink Gaming confirms Ethereum's status as the preferred corporate reserve asset for treasury management diversification strategies.
The technical breakout of ETH above the upper Bollinger Band indicates a continuation of the move towards the resistance zone of $4100–$4350.
The rise of institutional adoption creates favorable conditions for sustainable price growth, despite the RSI approaching overbought levels.
If $ETH confirms a daily close above $4100, it will indicate a technical breakout of a two-week consolidation range. With minimal resistance in the $4100-$4350 range, Ethereum could quickly accelerate towards historical highs. The Relative Strength Index (RSI) is likely to enter overbought territory, but this may not hinder bullish momentum alongside an increase in trading volume