Ethereum started this month with a decline to $2,351.01 but gained momentum on October 4. The market now shows a slight bullish trend, and analysts suggest that this momentum might push Ethereum to higher levels, similar to Bitcoin’s recent recovery.

Crypto analyst Trader Tradigrade highlights Ethereum’s ascending trendline and the formation of symmetrical triangles since June 2022, indicating a potential bullish breakout. The Ethereum Estimated Leverage Ratio has risen to 0.35, suggesting incoming price volatility, while trading volume has surged by 120%.

Analyst Ali points to the $2,300 support level as crucial for Ethereum's future. If it holds, ETH could reach $6,000, but if it drops below, it might fall to $1,600. Current indicators suggest that ETH will maintain above $2,300.