- Ethereum holds momentum above $4,500 as traders eye $5,766, with strong support near $3,876 and resistance around $4,955.
- Donald Dean highlights Ethereum’s recovery, pointing to volume shelves and Fibonacci levels that frame its bullish path ahead.
- Ethereum’s breakout potential rests on $4,955 resistance, with upside targets at $5,766 and $6,658 shaping trader sentiment.
Ethereum’s price action has drawn close attention this week as traders watch key technical levels. On October 3, Ethereum traded at $4,515.89 against the US dollar on Coinbase. The token slipped by $32.79, marking a 0.73% decline. However, analysts remain optimistic about Ethereum’s next leg higher.
Donald Dean, an analyst on X, stated, “Ethereum has made good upward progress once support was confirmed at the $3800 level. Currently ETH is at the volume shelf launch area near $4500 and ready to move higher. Next target is $5766 for an ETH to BTC 50% retracement.” His outlook highlights a clear technical roadmap that many traders are monitoring.
Price Action and Key Levels
Ethereum has displayed a strong recovery since July, climbing along a teal ascending trendline. Prices rallied sharply and peaked near $4,955.90 in early August. That high remains a critical resistance zone. However, after reaching this peak, Ethereum slipped into a consolidation phase with increased volatility.
The chart also shows a descending channel that defined price movements through September and early October. The lower boundary provided support, while the upper boundary capped upward momentum. Recently, Ethereum broke below this channel before rebounding through a double bottom pattern near support.
Volume analysis further adds context. Two major volume shelves emerged — one at $3,876.53 and another near the current range. These areas show heavy trading activity and act as liquidity zones. Moreover, Ethereum’s trading range between $3,876.53 support and $4,955.90 resistance will decide near-term market direction.
Fibonacci Levels and ETH/BTC Outlook
Besides the immediate price structure, Fibonacci retracement levels reveal broader targets. The 50% retracement aligns at $5,766, which Dean emphasized. The 61.8% retracement stands at $6,658, while the 100% retracement points to $9,547. Hence, Ethereum’s ETH/BTC ratio offers traders a guide for potential continuation.
Moreover, breaking above $4,955.90 resistance could trigger renewed momentum toward these retracement zones. Conversely, a drop below $3,876.53 would weaken bullish conviction.
