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According to Cointelegraph, Ethereum's native token, Ether (ETH), has experienced a significant rebound, rising over 15% after hitting a two-month low of $3,435. This recovery has sparked optimism among analysts, suggesting that ETH could potentially reach $4,500 by the end of October. The rebound is forming within a bull flag pattern, a technical structure that often indicates the continuation of an uptrend following a period of consolidation. This pattern is characterized by a descending parallel channel, which developed after a sharp rally from April's low of approximately $2,500 to August's high near $4,950.

The recent bounce from the channel's lower boundary, around $3,500, aligns with support from the 200-day exponential moving average (EMA), a level that has historically attracted buyers during bull markets. If the recovery momentum continues, ETH could target a breakout toward the channel's upper boundary, estimated to be between $4,450 and $4,500 in October. This interim target aligns with a double bottom technical setup identified by analysts, which suggests ETH's price could reach the neckline resistance at $4,750 in the coming days. Additionally, trader Luca anticipates ETH rallying toward $4,500, given its position above the weekly bull market support band. A breakout above this area could propel the price toward the bull flag target above $5,200 by November. However, a breakdown below the support confluence, including the bull flag's lower boundary and the 200-day EMA around $3,550, could invalidate the pattern, potentially leading to deeper retracements toward $3,000-$3,200.

Ethereum's Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands further support the $4,500 target. The recent pullback has stabilized near the mean band around $3,900, a level that has historically served as a springboard for new rallies. Each time ETH has bounced off this midpoint, it has advanced toward the +1σ (standard deviation) band, currently near $5,000. This suggests that ETH remains in a "healthy correction" phase of its ongoing bull cycle, rather than signaling exhaustion. A push toward the $4,500–$5,000 zone by late October appears statistically probable if the mean level continues to hold as support. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.