Summary Ethereum holds near $4,450 after rebounding from $4,100, staying inside a rising wedge pattern. On-chain data shows $84 million in outflows, reflecting accumulation and tightening supply. A break above $4,800 could open the path to $5,200, while $4,300 remains key support. By Jainam Mehta Ethereum (ETH-USD) is trading near $4,450 after rebounding from $4,100, holding firmly within its ascending trendline that has guided the market since mid-summer. The daily structure shows compression beneath the $4,800 ceiling, where price has repeatedly met resistance over the past two months. This narrowing wedge pattern reflects mounting tension, with the next breakout likely to define the direction of Ethereum’s next leg. Market holds firm within rising structure Technically, Ethereum price continues to respect its upward trendline, which now provides solid support near $4,300. A sustained close above $4,500 would strengthen the bullish case and set up a retest of $4,800. Clearing that level could confirm continuation toward $5,200, the next significant resistance zone. On the other hand, a breakdown below $4,300 could send the token toward $4,080, aligning with the Parabolic SAR level, while deeper losses might expose $3,600–$3,200 as broader demand areas. ETH price dynamics (Source: TradingView) Momentum indicators suggest that buyers remain in control, but the market’s next move depends heavily on whether price can sustain above short-term resistance. The structure still favors upside as long as the rising trendline holds. Exchange outflows support bullish case On-chain metrics reflect encouraging dynamics. According to Coinglass data, Ethereum recorded $84 million in net outflows on October 8, signaling that more tokens are being withdrawn from exchanges. This trend indicates reduced selling pressure, often associated with long-term accumulation. Extended periods of negative net flows have historically supported upward continuation, particularly when combined with tightening technical structures. However, derivatives positioning paints a more cautious picture. Open interest in Ethereum futures has fallen to $60.3 billion, down over 5 percent in 24 hours, even as trading volumes surged by more than 50 percent. This suggests that short-term traders are reducing exposure despite strong spot performance. Options open interest has risen above $15 billion, showing that volatility hedging is building ahead of potential directional movement. Binance’s long-to-short ratio remains above 2.0, signaling that speculative positioning still leans bullish. Outlook Ethereum’s price action points to an impending breakout. The technical compression beneath $4,800, supported by consistent outflows and stable demand, positions ETH for a possible extension higher. A confirmed breakout above $4,800 would likely accelerate momentum toward $5,200, while failure to defend $4,300 would open a broader correction toward mid-$3,000 levels. In earlier analysis, Ethereum’s ascending structure was identified as a base for potential continuation if buyers held the $4,300 zone. That outlook remains valid, with price now coiling for what could be a decisive test of the $4,800 ceiling. This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer . While we adhere to strict Editorial Integrity , this post may contain references to products from our partners. Original Post
