Ether price regained the $4,000 level during Monday morning trading in Asia, rising 3.6% on the day to $4,060.
The asset has risen almost 10% since crashing to $3,700 on October 17th, but it still has a long way to go and is down 18% from its all-time high.
According to Tradingview, ETH price also holds a major support level, with the weekly closing price at $3,985. This solid support zone stems from the December high and weekly close.
Analysts Recto Capital said on Sunday that ether “entered a multi-year downtrend that was broken several months ago in another retest attempt, and has since returned to the range,” where it currently remains.
A big step forward for ETH
Analyst Sycodelic said, “There is not a single bearish element on the ETH chart. It’s not really looking very clean,” highlighting several bullish indicators.
“This is the biggest and most devastating psychological attack from market makers, and they have managed to convince everyone that if the ETH chart looks like this, it’s game over.”
“Ethereum is forming its most explosive setup since 2017,” said analyst Marlin the Trader, who identified a “textbook bullish pennant” in the monthly time frame.
Ethereum has formed the most explosive setup since 2017.
This is not a hype.
This is a textbook bullish pennant on a monthly basis.Cycles don’t lie. $ETH is ready to rewrite history. pic.twitter.com/EAkFM1Lfnj
— Merlijn The Trader (@MerlijnTrader) October 19, 2025
Meanwhile, John Bollinger, the founder of Bollinger Bands, made a rare prediction for ETH over the weekend, highlighting the band’s “W bottom,” or bullish reversal pattern.
According to futures trader Satoshi Flipper, John Bollinger only makes a cryptocurrency call once a year, and has never called ETH in the three years up until yesterday.
“And each call he makes continues to mark the bottom of a generation. He just told us that ETH hit bottom. Now imagine this legend fading away.”
Ethereum OI falls
Ether open interest is currently down 45% from its all-time high, while Ethereum is only down 20% from its all-time high, investor Ted Pillows observed on Sunday.
“This is actually very bullish because speculation is very low right now.”
If ETH rises from here, he predicted it could rise towards $5,500 to $6,000 without overheating.
OI is the value or number of open Ether option contracts that have not yet been settled. According to Coinglass, it reached $21 billion in late August.
