Key Takeaways
- Ethereum (ETH) has rebounded from a low of $4,250 and is currently trading around $4,470 per coin.
- The cryptocurrency may approach the $4,700 mark as bullish efforts to recover intensify.
ETH Surges Above $4,400
The cryptocurrency market wrapped up August with declines, as both Bitcoin and Ethereum tested new lows. Bitcoin, the leading cryptocurrency by market capitalization, dropped to $107,000 before rebounding to trade above $108,000.
Ethereum also fell to around $4,200, finding support near $4,250. It has since made a significant recovery, currently trading at $4,480 per coin. This drop occurred just days after Ethereum reached a new all-time high of $4,953.
Given the recent support level, analysts predict that Ethereum could bounce back in the short to medium term, potentially reaching $6,000 in the coming weeks or months.
Ethereum Eyes $4,700 as Support at $4,250 Holds
The ETH/USD four-hour chart remains bullish and effective, following Ethereum’s recent record high. However, the currency failed to maintain its upward momentum, dipping into the $4,200 region over the weekend.
At the time of writing, ETH has slightly rebounded and is trading above $4,400 per coin. The RSI reading of 52 indicates that Ethereum remains in positive territory, while MACD lines also suggest bullish sentiment.
A close above the next daily resistance level at $4,488 could see Ethereum targeting the $4,700 mark in the next few hours. A sustained bullish run might push Ethereum beyond its all-time high of $4,953, potentially establishing a new peak above $5,000.
Conversely, if Ethereum faces a correction and dips below the daily support at $4,232, it may extend its decline to retest the next support level and the TLQ at $4,000. This level is crucial, as failure to maintain it could allow ETH to test the August low of $3,300.
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