Can Ethereum (ETH) Indeed Rise to $8K? This is what analysts say

Ethereum is approaching key support as analysts monitor a possible move to $8K. Technical charts and on-chain data show mixed short-term signals.

While short-term momentum has turned bearish, several analysts view this zone as a possible springboard for a broader move.

Analysts are looking at $3,800 as a key level

Ali Martinez outlined what he called the “dream scenario” for Ethereum. In this view, ETH would remain above $3,800, break the resistance near $4,900 and continue towards $8,000. Its chart shows a stepwise path higher, with breaks near $5,600, $6,400 and $7,200.

He declared,

“Ethereum bounces at $3,800, breaks through $4,900 and shoots up to $8,000.”

This move would require a clear break above the $4,900 area, which previously served as a limit. That level remains a focus for market participants watching for signs of trend reversal.

Short-term signals show weakness

While longer-term setups continue to play a role, shorter time frames show pressure mounting. The daily RSI stands at 39, which indicates a lack of purchasing power. The MACD also shows that the trend is bearish, with the signal and MACD lines both in negative territory.

Ted noted that Ethereum is in a make-or-break zone.

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“If this level holds, Ethereum could surge towards $4,000 this week. If ETH doesn’t hold, expect a dump below the $3,500 zone,” he said.

On the ETH/BTC chart, market watchers continue to keep an eye on the key support zones that have historically served as strong foundations during previous cycles. In earlier commentary, Michaël van de Poppe referred to this broader area as a “ideal zone for purchases.”

Broader market design remains intact

Chart watchers also point to larger structures that still exist. Trader Tardigrade described a falling wedge pattern on the weekly ETH chart, indicating that it remains valid and could lead to a move. Merlin the Merchant compared ETH’s setup for a previous Bitcoin cycle.

“If the echo continues, ETH is about to rupture,” he said.

Crypto Patel noted that ETH remains within a wide trading range between $2,560 and $5,760. He highlighted that the MVRV ratio currently stands at 1.5, reflecting a neutral zone that historically existed before major price moves. He described this period as “the rest before any major movement in previous cycles.”

On-chain activity supports this with Crypto Rand reporting that ETH stablecoin transfer volume reached $2.82 trillion in October, a new record and a 45% increase from September.