Ethereum holds above $3,500–$4,000 as monthly close shows bullish momentum and sets stage for possible breakout above $4,800.

Ethereum (ETH) has closed October with strength, holding above a key long-term support zone between $3,500 and $4,000. The monthly chart shows a bullish structure forming, suggesting that ETH may continue its upward trend. 

Despite facing the largest liquidation event recorded and low market sentiment, Ethereum has maintained higher lows and continues to trade within a strong technical formation.

Key Support Zone Holds Above $3,500

The monthly chart shows that the $3,500–$4,000 zone, once a major resistance level, has now flipped into support. This area was tested multiple times, including during the 2021 peak and again in early 2022, when ETH failed to hold above it. The current price, around $3,845, is trading just above this reclaimed zone.

Ethereum’s ability to stay above this zone after the October close strengthens the longer-term bullish structure. The repeated testing and reclaiming of this level suggest that sellers are weakening while buyers continue to step in.

Traders often look for this type of resistance-to-support flip to confirm a trend continuation. Holding this support zone could allow Ethereum to build momentum for another move higher in the coming months.

Long-Term Market Structure Remains Bullish

The long-term chart shows Ethereum has moved through multiple market phases, including accumulation in 2019–2020, a strong uptrend in 2021, and a correction in 2022. From 2023 into 2024, price action has transitioned into a re-accumulation range, showing steady recovery.

Recent months have shown a series of higher lows and higher highs on the monthly time frame, which supports a bullish continuation. A large bullish engulfing candlestick formed in recent months, suggesting buyers have gained control after the downtrend.

This technical setup places ETH in a constructive pattern, and traders are watching for continuation above the $4,000 level. A monthly close above this range would support the current trend and could trigger further buying interest.

Breakout Scenario and Potential Target Levels

A breakout above $4,000 is being closely monitored, as it could open the way toward Ethereum’s all-time high near $4,800. The current structure suggests that ETH could pull back briefly into the $3,500–$3,700 range before continuing upward.

The projected breakout, as shown in the chart, indicates potential targets between $5,000 and $6,000. This projection is based on the vertical range above the current consolidation area. The presence of liquidity tailwinds could support further gains, especially if market conditions remain stable.

Volume and momentum indicators will be key in confirming any breakout. A rise in volume during the move would point to increased interest, possibly from institutional investors.