Key Takeaways
- ETH has bounced back from a low near $4,250 and is now trading around $4,470 per coin.
- The token could move toward the $4,700 mark soon if bulls maintain and intensify their recovery efforts.
ETH rebounds above $4,400
The cryptocurrency market closed August on a weaker note, with both Bitcoin and Ether testing fresh lows. Bitcoin, the largest cryptocurrency by market capitalization, briefly touched a low near $107K before recovering to trade above $108K.
Ether likewise dipped toward the $4,200 area, finding support around $4,250. It has since staged a solid rebound and is trading near $4,480 per coin. The recent pullback occurred only days after Ether reached a new all-time high of $4,953.
With the current support holding, Ether has room to climb further in the short to medium term, and some analysts foresee the token reaching $6K in the coming weeks or months.
Ethereum targets $4,700 while $4,250 support holds
The four-hour chart for the ETH/USD pair remains bullish and orderly after Ether’s recent all-time high. ETH lost upward momentum over the weekend, dipping into the $4,200 zone before finding demand.
At the time of writing, ETH has recovered modestly and is trading above $4,400 per coin. A 52-level RSI indicates Ether is still in positive territory, and MACD lines also point to early bullish sentiment.
A daily close above the next resistance at $4,488 could pave the way for Ether to test the $4,700 level within hours. A sustained rally could allow Ether to break past its prior all-time high of $4,953 and establish a new peak above $5,000.
Conversely, if Ether experiences a correction and drops below daily support at $4,232, the decline could extend toward the next support and TLQ level near $4,000. That area is critical: failure to defend $4,000 could expose ETH to a retest of August’s low around $3,300.