Will Ethereum’s price rise back to $4,500 in October?

Key Takeaways

Ether’s recovery from a significant support area has made the $4,500 target achievable again.

The MVRV band suggests that ETH has broken past support and is set to rally towards $5,000.

Ethereum’s native token, Ether, recently bounced back more than 15% over two weeks after hitting a two-month low of $3,435. There are several indicators pointing toward an increase in ETH’s value, potentially reaching $4,500 by the end of this month.

ETH Price Forming a Bullish Pattern

The ongoing rally for Ethereum seems to be developing within a bullish flag pattern. This type of structure generally hints at the continuation of a prevailing uptrend following a brief consolidation period.

Specifically, in ETH’s case, the bullish flag is visualized through a descending parallel channel which emerged after a sharp increase from around $2,500 in April to nearly $4,950 in August.

The latest rebound from the channel’s lower edge, close to $3,500, aligns with support from the 200-day exponential moving average (EMA), a historically strong indicator attracting buyers during bullish trends.

If this recovery trend persists, ETH may aim for a breakout near $4,450-$4,500 by the end of October. Analysts anticipate that this aligns with a double-bottom technical setup, suggesting ETH could reach the resistance level of $4,750 shortly.

One trader has predicted that ETH will climb towards $4,500, particularly because it remains above the “weekly bull market support band.”

Conversely, if the price breaks above this support band, it could be on track to reach the bull flag target above $5,200, which might mark an all-time high by November.

However, a drop below the current support confluence—comprising the lower boundary of the bullish flag and the 200-day EMA around $3,550—could invalidate the pattern and lead ETH to a deeper drop toward the $3,000-$3,200 range.

MVRV Indicates Potential for $4,500 Target

The MVRV deviation price range for Ethereum suggests that its recent decline has stabilized around the average band of $3,900, a level that often marks the beginning of new bullish trends.

Historically, every time ETH has rebounded from this midpoint—like in early 2021, mid-2023, and early 2024—it has advanced towards the +1σ (standard deviation) band, which is hovering around $5,000 currently.

This pattern indicates that ETH isn’t in a state of depletion but is actually undergoing a “healthy correction” amid a bullish cycle. If this average level can maintain its support, a move toward the $4,500-$5,000 range by late October seems statistically promising.

This article does not provide investment advice or recommendations. Every investment decision carries risk, and readers should conduct their own research before making any choices.