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Ethereum has resumed its upward trajectory, reclaiming the $4,700 level amid renewed bullish momentum in what traders are calling 'Uptober.' ETH is trading around $4,716 and is up roughly 4% on the day, reflecting a broader crypto market rally that has also lifted Bitcoin and several top altcoins. Over the past seven days ETH has gained about 11%, with market capitalization near $570 billion and 24-hour trading volume close to $40 billion.
Market Snapshot
Price action and market data
ETH's recent climb has been steady, driven by strong demand and positive positioning in the spot market. The token is trading above the 30-day simple moving average, which now acts as short-term support near $4,330. The relative strength index has recovered toward the midline in the 44–50 zone, signaling that selling pressure is easing and that upside room remains for traders and investors monitoring momentum indicators.
Ethereum ETFs and inflows
Institutional and retail flows into US-listed Ethereum exchange-traded funds have played a notable role in the rally. Latest figures show ETH ETFs attracting about $177 million in new inflows during the most recent session, bringing a six-day total to roughly $1.47 billion. These consistent inflows have helped underpin market confidence and provided liquidity that supports higher price levels.
Technical Outlook
Chart structure and indicators
Technically, ETH has broken out of a short-term descending channel and appears to be building a fresh ascending structure similar to the setup seen during the July rally. Holding above the 30-day SMA and maintaining momentum through the midline RSI would reinforce the bullish narrative. Traders watching technical indicators will likely focus on volume confirmation and whether the price can sustain daily closes above key resistance.
Ethereum price chart
Key Levels to Watch
Resistance targets
The immediate resistance ETH reclaimed sits at $4,700. A decisive and sustained close above that level could open the path toward the next major target at $5,000, which also coincides with the upper boundary of the nascent ascending channel. Previous rallies in July reached near $4,900, demonstrating that the psychological $5,000 mark is within reach if buying pressure persists.
Support and downside risks
On the downside, the $4,100–$4,200 range forms the first meaningful support zone. Maintaining price above this band preserves the bullish structure. If ETH breaks below that range, traders could see a deeper retracement toward the $3,800 area, especially if profit-taking intensifies or macro risk sentiment shifts.
What this means for traders and investors
Short-term traders should watch intraday volume, ETF flow reports, and daily closes above resistance for confirmations of further upside. Long-term investors will likely assess whether the rally is supported by on-chain metrics and continued ETF inflows. As always, volatility remains a defining characteristic of crypto markets, so risk management and position sizing remain essential.
In summary, Ethereum's recovery past $4,700 signals renewed bullish control, supported by ETF demand and an improved technical setup. If ETH can hold above short-term support and clear resistance decisively, the $5,000 target becomes more plausible; failing that, the $4,100–$4,200 zone will be a key area to defend for bulls.
Source: crypto
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