Ethereum's price has retreated 5.73% from its recent high near $4,766 as traders exercise caution ahead of the Federal Reserve's interest rate decision. Despite the pullback, Ethereum bulls are defending the 20-day EMA near $4,450, with markets anticipating a 96.1% chance of a Fed rate cut this week. Analysts suggest that Ethereum could rally 45% to $6,750 if it breaks above the current bull pennant pattern. This potential upside is supported by analysts like James Harris and Donald Dean. However, a failure to hold the 20-day EMA could see Ethereum dip towards $4,200, which many view as a buying opportunity. Chartists like Ash Crypto and TheBullishTradR believe that even a drop to the $4,100–$4,300 range could precede a significant price reversal.