Ethereum is demonstrating renewed bullish momentum this October as technical and on-chain metrics align to suggest a potential push toward the $4,500 price level. Market analysts are observing a classic chart pattern formation that historically precedes significant upward movements, providing technical confirmation of growing buyer interest. Simultaneously, the Market Value to Realized Value (MVRV) ratio, a crucial on-chain metric tracking investor profitability, indicates favorable conditions for continued price appreciation. This convergence of technical and fundamental factors creates a compelling case for Ethereum’s near-term trajectory. The MVRV data specifically reveals that despite recent gains, the asset remains in a healthy zone that has typically supported further advances rather than indicating overbought conditions. Market participants are closely monitoring these developments as Ethereum tests key resistance levels. Should current patterns hold and buying pressure sustain, the path toward reclaiming the $4,500 threshold appears increasingly plausible. The coming weeks will prove critical in determining whether Ethereum can capitalize on this alignment of positive indicators to achieve its highest price levels since earlier this year.
