Can Ethereum Reclaim $4,500 in October?

Main takeaways:

• Ether’s rebound from key support confluence puts $4,500 within reach again.

• The MVRV ranges show that ETH price is stable above the support level, looking to rise to $5,000.

Ethereum’s native token, Ether (ETH), has rebounded more than 15% two weeks after falling to a two-month low of $3,435. Many indicators now suggest that ETH may extend its recovery towards $4,500 by the end of October.

ETH price bull flag bounces during play

Ethereum’s recovery appears to be forming within a bull flag pattern, a structure that often indicates a continuation of a prevailing uptrend after a short consolidation.

In the case of ETH, the flag is represented by a bearish parallel channel, which developed after the sharp rise from the April low near $2,500 to the August high around $4,950, as shown below.

The recent bounce from the channel low near $3,500 coincides with support from the 200-day Exponential Moving Average (200-day EMA; blue wave), a level that has historically attracted buyers on dips during bull markets.

ETH could target a breakout towards the upper border of the channel, around the $4450-4500 area in October, if the recovery momentum continues.

The temporary upside target corresponds to the FOUR analyst’s double bottom technical setup, which… He appears ETH price will reach the neckline resistance of the structure at $4,750 in the coming days.

Merchant Luca as well expected ETH rose towards $4,500 (red area in the chart below), as it held above the “weekly bull market support range”, represented by the yellow area.

Meanwhile, a break above the area could send the price towards a bull flag target above $5,200, a potential record level, by November.

A break below the support confluence zone, the lower limit of the bull flag and the 200-day moving average support (blue wave) around $3,550 could invalidate the pattern, exposing ETH to deeper corrections towards $3,000-3,200.

Ethereum MVRV doubles with target of $4,500

Ethereum’s MVRV extreme skew pricing ranges show that its recent pullback has stabilized near the middle range at around $3,900, a level that has historically served as a springboard for new highs.

Related to: BitMine has raised $1.5 billion in ether since the crash despite Lee’s fears of a treasury bubble

Every time ETH bounces from this midpoint, including in early 2021, mid-2023, and early 2024, it advances toward a +1σ (standard deviation) range, which is currently hovering near $5,000.

This structure indicates that ETH is still in the “healthy correction” phase of its ongoing bull cycle, rather than indicating exhaustion. A push towards the $4,500-5,000 area by late October appears statistically likely if the intermediate level continues to hold as support.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.