Ethereum price reclaims $4,700 as bullish momentum holds
Ethereum price is still in an uptrend and has reclaimed a key milestone as it continues its push higher.
- Ethereum price has again climbed above $4,700, gaining 4% in 24 hours amid a broader “Uptober” market rally.
- The asset has risen 11% over the past week, with a market cap of about $570 billion and daily volume near $40 billion.
- Ethereum ETFs in the U.S. saw $177 million in new inflows, totaling $1.47 billion over a six-day streak.
- The asset’s price has broken out of a short-term descending channel, forming a new ascending structure.
At the time of writing, Ethereum price trades at $4,716, up roughly 4% on the day, per market data from crypto.news. The second-largest crypto asset began its climb at the start of “Uptober,” joining the broader market rally that has seen Bitcoin reclaim new highs and several altcoins post fresh gains.
Now up approximately 11% over the past seven days, momentum for ETH (ETH) has been particularly strong. Market capitalization stands near $570 billion, with daily trading volume around $40 billion.
The price climb has been supported by strong inflows into the U.S.-listed Ethereum exchange-traded funds (ETFs), which have seen a multi-day streak of gains. During the latest trading session, ETH ETFs recorded about $177 million in inflows, bringing their cumulative total over the past six days to roughly $1.47 billion.
With ETH now reclaiming higher ground, attention turns to whether the asset can retest the year’s highs and push toward new targets.
Ethereum price to $5,000?
During ETH’s earlier rally in July, the asset climbed to nearly $4,900, fueling widespread calls for a push toward the $5,000 level. However, momentum faded as profit-taking set in, leading to its retracement below $4,000 in September. Since then, ETH has been attempting to rebuild strength, with the current “Uptober” rally putting bulls back in charge.
Ethereum’s latest recovery is supported by improving technical signals. On the daily chart, ETH has broken out of its short-term descending channel and appears to be forming a new ascending structure, similar to its setup during the July rally. The price now trades just above the 30-day simple moving average (SMA) near $4,330, a level that has flipped into short-term support.
Sustaining this position suggests that buyers are regaining control. The relative strength index (RSI) has also rebounded toward the midline at 44–50, indicating that selling pressure is easing while room for further upside remains.
Immediate resistance sits at $4,700, the key level ETH reclaimed this week. A decisive close above this barrier could pave the way toward the next major target at $5,000, which also marks the upper boundary of the newly forming ascending channel. On the downside, $4,100–$4,200 forms the first key support zone. Holding above this range would maintain the bullish structure, while a breakdown below could expose ETH to a retest of the $3,800 area.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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