At the time of writing, Ethereum (ETH) is trading at $4,716, up roughly 4% on the day, according to crypto.news market data. The second-largest cryptocurrency began its ascent at the start of “Uptober,” joining a broader market rally that has seen Bitcoin reclaim new highs and several altcoins post fresh gains.
Over the past seven days, ETH has surged around 11%, demonstrating particularly strong momentum. Its market capitalization currently sits near $570 billion, with daily trading volume hovering around $40 billion.
The price rally has been bolstered by significant inflows into U.S.-listed Ethereum exchange-traded funds (ETFs), which have recorded a multi-day streak of gains. In the latest trading session, ETH ETFs saw approximately $177 million in inflows, bringing the total over the past six days to roughly $1.47 billion.
With Ethereum reclaiming higher ground, market participants are now watching to see if the asset can retest its yearly highs and push toward new targets.
Ethereum eyeing $5,000?
During ETH’s previous rally in July, the asset climbed to nearly $4,900, sparking widespread speculation about a potential push toward the $5,000 mark. Momentum later waned as profit-taking emerged, driving ETH below $4,000 in September. Since then, the cryptocurrency has been rebuilding strength, with the current “Uptober” rally putting bulls back in control.
Ethereum’s recent recovery is supported by improving technical signals. On the daily chart, ETH has broken out of its short-term descending channel and appears to be forming a new ascending structure, reminiscent of its July rally setup. The price now trades just above the 30-day simple moving average (SMA) near $4,330, which has flipped into short-term support.
Maintaining this level suggests that buyers are regaining control of the market. The relative strength index (RSI) has also bounced back toward the midline at 44–50, signaling that selling pressure is easing while leaving room for further upside.
Immediate resistance sits at $4,700, the key level ETH reclaimed earlier this week. A decisive close above this barrier could open the door to the next major target at $5,000, which also aligns with the upper boundary of the emerging ascending channel. On the downside, the $4,100–$4,200 range forms the first key support zone. Staying above this level would preserve the bullish structure, whereas a breakdown could see ETH retesting the $3,800 area.
