Ether’s price has rebounded by over 15% after hitting a two-month low of $3,435, with indicators pointing to a potential recovery towards $4,500 by the end of October. The bounce appears to be forming a bull flag pattern, signaling a continuation of the uptrend, with a breakout target of $4,450-4,500.

A breakout above $4,500 could send ETH towards a potential record high above $5,200 by November. However, a breakdown below $3,550 could expose ETH to deeper retracements towards $3,000-3,200. Ethereum’s MVRV Extreme Deviation Pricing Bands show stability around $3,900, historically leading to new rallies towards $5,000.

The 200-day EMA support at $3,500 and the bull flag’s lower boundary are critical levels to watch for ETH’s price movement. Analysts anticipate a rally towards $4,500 in the short term if these support levels hold. The overall outlook remains positive for ETH’s recovery and potential record highs.

Read more at CoinTelegraph: Can Ethereum Reclaim $4,500 in October?