$ETH Market Outlook: Cautious Optimism

While the technical and on-chain indicators point to a potential turnaround, the broader picture remains balanced.

The 7-day RSI sits at 53.75, reflecting neutral momentum—neither overbought nor oversold.

Immediate resistance looms at $4,450, with a decisive breakout needed to confirm a bullish reversal.

Critical Watch Factors:

Bitcoin’s Price Action: If BTC retests its support near $111,980, it could influence ETH’s ability to maintain upward momentum.

Macro Developments: All eyes are on Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium (August 21), which may impact risk assets like cryptocurrencies.