Ethereum can rally to $5,900 in October – but ONLY IF…
Ethereum finds footing at $4.1K, but weak volume could test bulls’ conviction soon.
Key Takeaways
Is Ethereum in a bullish or bearish trend?
The higher-timeframe trend is bullish, but the $4.7k region could act as a supply zone in the coming days, so traders should be cautious.
How high can ETH go in October?
The $5.3k and $5.9k levels were feasible price targets for October, especially if the past week’s bullish momentum can continue.
Ethereum [ETH] rallied 9% last week, retesting the $4.1k level as support.
Strong onchain flows and a supply squeeze are thought to be some of the leading factors powering the rally. With that, we observed renewed institutional demand, reflected in long-term bullish conviction.
The rising Total Value Locked (TVL) underlined Ethereum’s importance in the DeFi landscape. Meanwhile, a government shutdown might spur equities and crypto to rally in the coming days.
Ethereum price prediction bullish, but…
On the weekly chart, the price action of ETH was encouraging.
It had formed a supply zone at the $4.1k level (orange), which had been unable to surpass from March 2024 till August 2025. In recent weeks, ETH has converted this zone into a demand area.
ETH’s breakout to a new all-time high at $4,953 strengthened bullish conviction. The Relative Strength Index (RSI) stood at 63.30, confirming momentum remained in favor of buyers.
However, the OBV flashed a warning sign.
It has been unable to form a new high compared to March 2024, even though the price has climbed past $4.1k. This suggested some weakness from buyers.
In short, the inference is that Ethereum prices might struggle to climb to $5k or beyond unless buying volume grows further.
Bears eye $4.5K zone, but buyers still hold the edge
On the daily timeframe, the drop below $4,060 (marked in yellow above) on the 25th of September represented a change in market structure.
At press time, the $4,460-$4,720 area was a bearish order block that could reject ETH bulls.
Given the bullish structure on the weekly timeframe, swing traders should not rush to sell ETH at the $4,500 supply zone on the higher timeframe chart.
Instead, they can wait for a move past $4.7k, or a retracement to $3.5k, to look to go long.
The $3.9k level was another strong support that could help keep the Ethereum sellers at bay. Beyond $5,000, the $5.4k and $5.9k would be the next bullish price targets based on Fibonacci extension levels.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
