Ethereum: Seeking Balance After the July Rally

Ethereum made headlines with an impressive rise of 54.8% in July, while it pulled back to the $3,523 level in the early days of August. ETH, which experienced a drop of over 4% on a daily basis, is showing indecisive signals on the technical side.

While some indicators signal a reversal from the overbought zone, on-chain data and institutional inflows maintain a strong stance. In particular, the net inflows from institutional wallets towards Ethereum indicate that confidence is sustained in the medium term despite a short-term correction.

Bitcoin's horizontal price action at $118,566 keeps the overall market sentiment cautious, while the next step for ETH investors is not clear.
However, one thing is clear: The moment of decision is approaching at these price levels.