Ethereum price is still trending higher and has regained important milestones as it continues to rise further.
summary
- Ethereum price has once again surpassed $4,700, rising 4% in 24 hours amid a broader “uptober” market rally.
- The asset has risen 11% over the past week, giving it a market cap of about $570 billion and daily volume of nearly $40 billion.
- The US Ethereum ETF saw $177 million in new inflows, reaching a total of $1.47 billion for the sixth day in a row.
- Asset prices have broken out of the short-term downward channel and formed a new upward structure.
At the time of writing, the price of Ethereum was trading at $4,716, up about 4% on the day, according to market data from crypto.news. The second-largest crypto asset began its rally with the start of ‘Uptober’, joining a broader market rally that saw Bitcoin regain new highs and several altcoins record new gains.
Momentum is particularly strong for ETH (ETH) right now, up around 11% over the past seven days. The market capitalization is close to $570 billion, and the daily trading volume is approximately $40 billion.
The price increase was supported by strong inflows into the U.S.-listed Ethereum exchange-traded fund (ETF), which has been rising for several days in a row. During the latest trading session, the ETH ETF recorded approximately $177 million in inflows, bringing the cumulative total over the past six days to approximately $1.47 billion.
ETH has now regained its highs, and all eyes are on whether the asset can retest this year’s highs and move towards new goals.
Will Ethereum price reach $5,000?
ETH’s initial rally in July saw the asset rise to nearly $4,900, leading to widespread calls for a push to the $5,000 level. However, momentum waned as profit-taking began, and the retracement fell below $4,000 in September. Since then, ETH has been attempting to regroup in power, with the bulls once again taking control in the current “Uptober” rally.
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Ethereum’s recent recovery has been supported by improving technical signals. On the daily chart, ETH appears to be breaking out of a short-term descending channel and forming a new upward structure similar to the setup during the July rally. The price is currently trading just above the 30-day simple moving average (SMA) near $4,330, a level that has turned into short-term support.
Ethereum price chart: TradingView
Holding this position suggests that buyers are regaining control. The Relative Strength Index (RSI) has also rebounded towards the midline between 44 and 50, indicating that selling pressure is easing while there is still room for further upside.
Immediate resistance lies at $4,700, a key level that ETH reclaimed this week. A decisive pullout above this barrier could pave the way to the next major target of $5,000, which is also the upper bound of the newly formed ascending channel. On the downside, $4,100-$4,200 forms the first major support zone. A move above this range would sustain the bullish structure, but a break below could expose ETH to a retest of the $3,800 area.
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