Key takeaways
- ETH has rebounded from a low near $4,250 and is currently trading around $4,470 per coin.
- If bulls step up recovery efforts, the coin could rally toward $4,700.
ETH bounces back above $4,400
The crypto market closed August on a bearish note as both Bitcoin and Ether tested fresh lows. Bitcoin, the largest cryptocurrency by market cap, dipped to roughly $107k before recovering to trade above $108k.
Ether fell to 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 pullback follows closely on the heels of Ether’s recent record high of $4,953.
With the current support holding, Ether could continue to climb in the short to medium term; some analysts predict the token could reach $6,000 in the coming weeks or months.
Ethereum targets $4,700 while $4,250 support holds
The ETH/USD 4-hour chart remains bullish overall, helped by Ether’s recent all-time high. However, ETH was unable to sustain its upward momentum and slid over the weekend into the $4,200 zone.
At the time of writing, ETH has recovered slightly and trades above $4,400 per coin. A 52 reading on the RSI indicates Ether remains in positive territory, and the MACD lines continue to suggest bullish sentiment.
If Ether closes above the next daily resistance at $4,488, it could set its sights on $4,700 within hours. A sustained bullish run could push ETH past its all-time high of $4,953 and toward new peaks above $5,000.
Conversely, if Ether faces another correction and falls below daily support at $4,232, the decline could extend toward the next support and trendline quality (TLQ) area around $4,000. That level is critical: failure to defend it could open the path for ETH to retest August’s low near $3,300.