Ethereum Surges Past $4,700, Gains Momentum in “Uptober” Rally
Ethereum’s price has climbed above $4,700, marking a 4% increase in just 24 hours. This surge is part of a broader market rally, dubbed “Uptober.”
Over teh past week, ethereum has risen by 11%.Its market cap is now around $570 billion, with daily trading volume nearing $40 billion. this growth is supported by strong inflows into U.S.-listed Ethereum ETFs. These funds have seen $177 million in new investments, bringing the six-day total to $1.47 billion.
Ethereum has broken out of a short-term descending channel, forming a new ascending structure. This suggests that buyers are regaining control. The price is now just above the 30-day simple moving average (SMA) at $4,330, which has become short-term support.
Key resistance is at $4,700. If Ethereum can hold above this level, it may move toward $5,000. The relative strength index (RSI) is also improving,indicating easing selling pressure and potential for further gains.
Though, if the price drops below $4,100–$4,200, it could retest the $3,800 area. For now,the focus is on whether Ethereum can sustain its current momentum and reach new highs.
