Key takeaways
- ETH recovered from a low near $4,250 and is now trading around $4,470 per coin.
- The coin could move toward the $4,700 level soon if bulls intensify their recovery efforts.
ETH bounces back above $4,400
Cryptocurrency markets closed August with a pullback as Bitcoin and Ether both tested lower levels. Bitcoin, the market-leading cryptocurrency by market cap, dipped to a low near $107,000 before recovering above $108,000.
Ether also fell toward the $4,200 area and found support near $4,250. It has since staged a solid recovery and is trading around $4,480 per coin. This decline came just days after Ether reached a new all-time high of $4,953.
With recent support holding, Ether could push higher in the short to medium term, and some analysts predict the coin may reach $6,000 in the coming weeks or months.
Ethereum targets $4,700 as $4,250 support holds
The ETH/USD 4-hour chart remains bullish and intact following Ether’s fresh all-time high. ETH failed to sustain its momentum and dropped over the weekend into the $4,200 area.
At the time of writing, ETH has recovered modestly and is trading above $4,400 per coin. An RSI reading near 52 indicates Ether remains in positive territory, and MACD lines are also signaling a bullish bias.
A daily close above the next resistance at $4,488 could see Ether target the $4,700 level in the coming hours. A sustained bullish run would give Ether the chance to exceed its all-time high of $4,953 and set a new record above $5,000.
However, if Ether corrects and falls below daily support at $4,232, the decline could extend to retest the next support and TLQ level around $4,000. That level could prove critical; if it fails to hold, ETH might revisit the early-August low near $3,300.