Ethereum Soars Past $4,700 as Bullish Momentum Refuses to Yield
Ethereum bulls charge forward as price breaches critical $4,700 resistance level
The Unstoppable Climb
Ethereum's relentless upward trajectory continues defying market skeptics—trading volumes surge while institutional money floods the ecosystem. The $4,700 breakthrough signals renewed confidence in smart contract platforms despite broader market volatility.
Technical Dominance
Chart patterns reveal consolidation around previous all-time highs—momentum indicators flash green across multiple timeframes. Liquidity pools swell as decentralized exchanges report record activity, proving traditional finance's obsession with quarterly earnings looks almost quaint by comparison.
Market structure suggests this rally possesses staying power that could make even Bitcoin maximalists glance nervously at their portfolios. The real question isn't whether Ethereum holds $4,700—it's how soon we test $5,000 in this risk-on environment where digital gold outshines its physical counterpart.
Ethereum price to $5,000?
During ETH’s earlier rally in July, the asset climbed to nearly $4,900, fueling widespread calls for a push toward the $5,000 level. However, momentum faded as profit-taking set in, leading to its retracement below $4,000 in September. Since then, ETH has been attempting to rebuild strength, with the current “Uptober” rally putting bulls back in charge.
Ethereum’s latest 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, similar to its setup during the July rally. The price now trades just above the 30-day simple moving average (SMA) near $4,330, a level that has flipped into short-term support.
Sustaining this position suggests that buyers are regaining control. The relative strength index (RSI) has also rebounded toward the midline at 44–50, indicating that selling pressure is easing while room for further upside remains.
Immediate resistance sits at $4,700, the key level ETH reclaimed this week. A decisive close above this barrier could pave the way toward the next major target at $5,000, which also marks the upper boundary of the newly forming ascending channel. On the downside, $4,100–$4,200 forms the first key support zone. Holding above this range WOULD maintain the bullish structure, while a breakdown below could expose ETH to a retest of the $3,800 area.
