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Ethereumis regaining ground in the market and is trying to gain a foothold above $ 4,500 after several weeks of correction. Analysts suggest that a breakthrough of this level could be the basis for 50% growth in the fourth quarter, with a potential move to $ 6,900.
Over the past week, the ETH price has risen by 17% after falling to $ 3,815 and has overcome key sales zones in the range of $ 4,200-$ 4,300. Some experts believe that the next significant barriers are located at $ 4,500 and $ 4,750. In particular, analyst Ali Martinez called the $ 4,505 zone «one of the most important resistance levels,» referring to the UTXO Realized Price Distribution indicator.
If Ethereum fails to stay above $ 4,500, a pullback to $ 4,250 is possible, and if it falls below, a new price decline is possible. At the same time, a successful consolidation above this level could open the way to testing the highs around $ 4,800 and beyond. Other market observers note that ETH has been forming a triangular pattern since August, a breakout from which could lead to growth above $ 5,000.
An analyst at Titan of Crypto drew attention to the formation of a bull flag on the weekly chart. His conclusions suggest that a breakout of this pattern at $ 4,500 could trigger a 50% jump in price to $ 6,900.
Despite the market’s caution, Ethereum closed September above $ 4,100. An analyst at Rekt Capital noted that a consolidation above $ 4,200 on the weekly timeframe could «turn the tide» and signal continued growth. As of now, ETH is trading at $ 4,502, up 4.1% over the past day.