Recent price action for Ethereum (ETH) has shown an impressive rebound from its recent lows. Key indicators suggest that ETH could reach the $4,500 mark before the end of October, with potential targets extending toward $5,000 in November if momentum continues. This recovery is supported by several factors.
First, Ethereum’s price has shown a notable rebound after dropping to a two-month low. Multiple indicators, including MVRV bands and technical analysis tools, point towards ETH breaking past the recent resistance levels.
Second, we observe a bull flag formation forming in the chart. This pattern suggests that ETH’s price could continue to rise for a period of consolidation after its recent rally. The flag’s support is provided by the 200-day EMA (blue wave), historically attracting buyers during bullish market trends.
Third, indicators from prominent analysts suggest a potential target for ETH’s price to reach $4,500 and $5,000 in October. For example, analyst FOUR predicts a double bottom structure that could trigger the price to break above its neckline resistance at $4,750.
Finally, Ethereum’s MVRV extreme deviation pricing bands show ETH is currently showing a stabilization near the mean band ($3,900), indicating a healthy correction. This has historically been followed by strong rallies towards higher prices in the +1σ (standard deviation) band, suggesting a potential price surge to $4,500-5,000 before the end of October.
It’s important to remember that this analysis is not financial advice. All investments carry risk and it is recommended to conduct thorough research before making any trading decisions.