As the crypto market kicks off October with a remarkable recovery, Ethereum (ETH) is attempting to turn the $4,500 level into support after nearly two weeks. Some analysts forecast that a breakout from this crucial area could set the stage for a massive 50% rally in Q4.
Ethereum has bounced 17% from last week’s lows and is retesting the next crucial level to reclaim. The cryptocurrency started this week by recovering from the recent market correction, which sent its price to a multi-week low of $3,815.
Meanwhile, Titan of Crypto highlighted a weekly bull flag pattern forming on ETH’s chart. According to the analyst, a breakout from the formation’s upper boundary, around the $4,500 area, could send the price into a 50% rally toward the $6,900 mark.
Nonetheless, Rekt Capital considers that “even though the Monthly Close wasn’t very appealing, price just needs to Weekly Close above the $4.2k mid-range to turn it all around.”
“If ETH can soon Weekly Close above blue and retest it back into support, then there’s a good chance for a revisit to $4.6k being on the cards in the future,” he concluded.
As of this writing, Ethereum is trading at $4,502, a 4.1% increase in the daily timeframe.
