The Ethereum price has surpassed $4,700 and increased by 4% over the last 24 hours. The move represents a continuation of the broad market recovery in October. The asset has gained 11% within the past week, as supported by strong inflows into Ethereum ETFs in the United States.
ETH is trading at $4,716 with a market cap of almost $570 billion. The daily trading volume is also very high, at around $40 billion, indicating that there are active buyers. The rally has brought ETH out of a short-term descending channel and into an ascending structure, signaling improvement.
As more ETF inflows come in, a strong foundation is being laid for Ethereum's rise. In the latest session, an ETF from ETH has attracted over $177 million for inflows, increasing the total flow of ETFs to $1.47 billion over the past six trading days. These gains represent the most extended duration of inflows for ETH products since their launch, signaling an increase in institutional interest.
Ethereum has been in the right direction, breaking above the 30-day simple moving average of $4,330. The daily chart still shows ETH forming an upward channel, similar to the one it was in July, where the price was close to reaching before reversing to $4,900.
The relative strength index (RSI) bounced towards 50, indicating that selling pressure has lessened. Buyers need to maintain a position above the 4,700 level, as a decisive breakout above this resistance could pave the way for a move towards 5,000.
The support will be immediate and in the range of $4,100 to $4,200. This area provides support that would continue the bullish structure, and a breakdown would likely see ETH retest the near $3,800 level.
Also Read: ETH Holds $4,500 Amid Rising ETF Inflows: What’s Next?
Ethereum's performance has followed the general recovery in the crypto market. Bitcoin has returned to new highs, and several altcoins are up by double digits for the week. For Ethereum, the combination of ETF inflows, technical recovery, and increased trading activity creates an encouraging near-term outlook.
The next support level is the $5,000 level, which serves as both a psychological resistance and the upper envelope of the new rising channel. Buyers will closely monitor volume and daily closes to ensure that momentum is sustained beyond this point.