Ethereum (ETH) Targets $6,900 After Retesting Key Resistance
Ethereum (ETH) is attempting to establish the $4,500 level as support after a 17% recovery. Analysts see a breakout from this level potentially leading to a 50% rally in Q4.
Key Resistance Levels and Patterns
- ETH recovered from a low of $3,815 and broke through the $4,200-$4,300 levels.
- Analysts identify $4,500 and $4,750 as critical resistance levels before reaching new all-time highs.
- The UTXO Realized Price Distribution (URPD) metric highlights $4,505 as a vital resistance level; failure here could lead to a retest of $4,250.
- A breakout above $4,500 could challenge the macro range highs around $4,800.
- ETH is forming a triangle pattern since August; breaking it could initiate a rally beyond $5,000.
- A weekly bull flag pattern suggests a potential 50% rally if ETH breaks past $4,500.
Potential for Reversal
- Closing September above $4,100, ETH is developing a Monthly Bull Flag within its macro range.
- Reclaiming $4,200 on higher timeframes is crucial for continued bullish momentum.
- A Weekly Close above $4,200 can position ETH for a revisit to $4,600.
Currently, Ethereum is trading at $4,502, marking a 4.1% increase in the daily timeframe.
