Key Points
- ETH bounced from a $4,250 low and is now trading around $4,470 per coin.
- The coin could rise toward $4,700 soon as bulls step up recovery efforts.
ETH Rises Above $4,400
The crypto market closed August on a bearish note as Bitcoin and Ether tested fresh lows. Bitcoin, the largest cryptocurrency by market capitalization, dipped to a $107,000 low before rebounding and is now trading above $108,000.
Ether also fell to about $4,200, finding support near $4,250. It has since recovered and is trading around $4,480 per coin. This pullback occurred just days after Ether reached a new all-time high of $4,953.
Given the recent hold at support, Ether could see upside in the short to medium term, with some analysts projecting the coin could reach $6,000 in the coming weeks or months.
Ethereum Eyes $4,700 as $4,250 Support Holds
The 4-hour ETH/USD chart remains bullish and constructive following Ether’s recent all-time high. ETH failed to sustain upward momentum and dipped to $4,200 over the weekend.
At the time of writing, ETH has staged a modest recovery and trades above $4,400 per coin. The RSI sitting at 52 indicates Ether retains positive momentum, and MACD lines also point to bullish sentiment.
A close above the next daily resistance at $4,488 could propel Ether toward $4,700 within the next several hours. A sustained bullish run could see Ether break its $4,953 all-time high and establish a new peak above $5,000.
Conversely, if Ether faces a correction and falls below the daily support at $4,232, it could continue downward to retest the next support and the TLQ level near $4,000. That level is critical: failure to hold it may expose ETH to a test of August’s low around $3,300.