Ethereum Sets Sights on $4.1K: Watch This Indicator for Breakout Confirmation

Investors eye tomorrow's nonfarm payrolls data for further confirmation, hoping for a soft number to fuel the rally.Cryptocurrencies kicked off the week with a positive swing, breaking free from the price band they were trapped in since late May. This partial recovery can be traced back to weak economic data from the US, sparking speculation that the Federal Reserve might start cutting rates in September.

In May, a similar oversold reading on the Stoch RSI preceded a significant ETH price increase. This surge coincided with the news of the SEC's first approval for a spot Bitcoin ETF. On the downside, $3,800 remains a critical support level. A drop below this level due to market volatility could send ETH down to $3,610. Breaching this floor could invalidate the bullish setup and trigger a downward move toward $3,300, potentially fueled by negative news events.

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