Analyst Forecast Ethereum (ETH) Breakout To $6,900 As Price Retests Crucial Resistance

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Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

Strict editorial policy that focuses on accuracy, relevance, and impartiality Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing The highest standards in reporting and publishing

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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.

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Ethereum Retests Next Major Resistance

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.

Since then, the King of Altcoins has reclaimed the mid-zone of its macro range and broken past a major sell wall located around the $4,200-$4,300 levels. Amid this performance, market watcher Ted Pillows highlighted that the next two major resistance levels to reclaim before a new all-time high (ATH) are $4,500 and $4,750.

Similarly, Ali Martinez detailed that the $4,505 area is “one of the most important resistance levels to watch for Ethereum,” according to the UTXO Realized Price Distribution (URPD) metric. A rejection from this major level could lead to a retest of the $4,250 support, and potentially risk a new price drop if ETH breaks below it.

Previously, some analysts cautioned that losing this area could open the gates for a fresh breakdown toward the macro range lows On the contrary, reclaiming the $4,500 resistance would set the base for a challenge of the macro range highs, around the $4,800 level, in the coming weeks.

Market watcher Lluciano pointed out that ETH appears to be forming a triangle formation since early August. He suggested that breaking out of this pattern could kick off a rally toward a new high above the $5,000 barrier, affirming, “Q4 is here, ETH new wave is imminent.”

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.

## ETH’s Weekly Close Could ‘Turn It All Around’

After closing September above the $4,100 area, analyst Rekt Capital affirmed that Ethereum is potentially developing a Monthly Bull Flag within this macro range. He explained that the cryptocurrency must reclaim the $4,200 in the higher timeframes to continue building on the formation’s base.

Notably, closing the month below this level technically means ETH’s price is positioning for a bearish retest despite the current bounce, the analyst detailed, as it represents the mid-zone of the macro range.

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.”

He noted that the cryptocurrency displayed a similar performance in late 2021 and this past July, weekly closing above this level and post-breakout retesting it as support. This technical sequence enabled the price to reclaim the $4,600 area and position itself for new highs.

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“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.

Featured Image from Unsplash.com, Chart from TradingView.com