Ethereum’s price has rallied above the $4,300 mark following the latest broader market rally. At press time, ETH was trading at $4,309, with a 4.80% gain over the past 24 hours. This latest price rally has seen ETH recover from its weekly loss, increasing by 3% and reversing the descending pattern observed in its price movement.
Meanwhile, the daily trading volume is up 30% and currently stands at $47 billion, with the token looking attractive to investors. Furthermore, the market cap has spiked to $520 billion following the price rally.
ETH Price Outlook Points to Higher Levels
Ethereum appears poised for another major move, according to crypto analyst CryptoJack, who points to the asset’s daily chart structure. Since early May, ETH has been climbing steadily, with the 100-day moving average providing consistent dynamic support during consolidation phases.
Notably, in both June and late September, ETH briefly dipped below this trendline before rebounding quickly. These false breakdowns—highlighted in green on the chart—were each followed by strong upward momentum, suggesting robust buyer interest at those price levels.
Source | CryptoJack
Breakouts have consistently followed accumulation phases marked by horizontal resistance zones, with each breakout pushing ETH to fresh highs and reinforcing its bullish trend. Currently, ETH is trading well above $4,300, while the 100-day moving average sits comfortably below, providing solid support.
According to CryptoJack, ETH reaching $5,555 is only a matter of time if the current structure holds. The technical setup strongly supports this outlook, with momentum expected to remain intact as long as ETH stays above the key moving average.
Technical Analysis Suggests Further Upward Rally
Technical indicators on the daily chart suggest that ETH may be poised to challenge its immediate resistance at the $4,500 mark. The price has bounced off successfully from its recent support at the $3,820 level. With the bulls taking the lead, the price is trading slightly below $4,500. A breakout above this mark could lead to a fresh rally to the next resistance at $4,780.
ETH | TradingView
The Relative Strength Index (RSI) is heading upwards towards the overbought region, currently hovering in the neutral levels. This suggests that buyers are stepping in and could continue to push ETH’s price higher if the current trend holds.
Evans Kelvin
