The crypto market has kicked off October with a strong rebound, and Ethereum (ETH) is once again in the spotlight. After two weeks of battling to turn the $4,500 level into support, the leading altcoin is now testing this barrier. Analysts believe a successful breakout here could trigger a 50% rally in Q4, potentially pushing ETH to $6,900.
Reclaiming Resistance After Correction
Last week, Ethereum bounced 17% from its low of $3,815, climbing back into the mid-range of its macro channel. The cryptocurrency broke through a major selling wall around $4,200–$4,300 and is now facing another crucial resistance near $4,500. Market observer Ted Pillows noted that $4,500 and $4,750 are the next key levels ETH must reclaim to edge closer to a new all-time high.
Similarly, Ali Martinez identified $4,505 as “one of the most important resistance zones to watch.” A rejection here could send ETH back to support at $4,250, with further downside risk if that level fails. On the other hand, reclaiming $4,500 would set the stage for a move toward $4,800 and open the door for new highs.
Triangle Formation and Bullish Signals
According to analyst Lluciano, ETH has been forming a triangular pattern since early August. A breakout from this formation could launch ETH above $5,000. “Q4 is here, and a new ETH wave is about to begin,” he said.
Titan of Crypto also highlighted Ethereum’s bullish structure on the weekly chart. He suggested that a breakout above $4,500 could drive ETH on a trajectory toward $6,900, representing a 50% upside from current levels.
Weekly Close as a Turning Point
Analyst Rekt Capital pointed out that although September’s monthly close above $4,100 wasn’t overly strong, a weekly close above $4,200 could completely flip momentum in favor of the bulls. He recalled similar setups in late 2021 and July this year, when Ethereum broke through this mid-range level, retested it as support, and subsequently climbed toward $4,600.
“If ETH manages to weekly close above the blue zone and confirm it as support, there’s a high probability it will revisit $4,600 in the near future,” Rekt Capital concluded.
Current Market Outlook
At the time of writing, Ethereum is trading at $4,502, up 4.1% on the daily chart. With Q4 just underway, optimism is building and bets on a breakout are gaining momentum.
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