Ethereum nears key support as analysts track a possible move to $8K. Technical charts and on-chain data show mixed short-term signals.
Ethereum (ETH) is trading at around $3,700 at press time, down over 4% in 24 hours and nearly 11% on the week.
While near-term momentum has turned bearish, several analysts are looking at this zone as a possible springboard for a broader move.
Analysts Watch $3,800 as Key Level
Ali Martinez outlined what he called the “dream scenario” for Ethereum. In this view, ETH would hold above $3,800, break through resistance near $4,900, and continue toward $8,000. His chart shows a step-by-step path higher, with pauses near $5,600, $6,400, and $7,200.
He stated,
“Ethereum bounces off $3,800, smashes through $4,900, and rockets to $8,000.”
This move would require a clear break above the $4,900 area, which previously acted as a cap. That level remains a focus for market participants watching for signs of trend reversal.
Short-Term Signals Show Weakness
While longer-term setups remain in play, shorter timeframes show pressure building. The daily RSI is at 39, pointing to a lack of buying strength. The MACD also shows the trend leaning bearish, with the signal and MACD lines both in negative territory.
Ted noted that Ethereum is at a make-or-break zone.
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“If this level holds, Ethereum could rally towards $4,000 this week. If ETH fails to hold this, expect a dump below the $3,500 zone,” he said.
On the ETH/BTC chart, market watchers continue to monitor key support zones that have historically acted as strong foundations during previous cycles. In earlier commentary, Michaël van de Poppe referred to this broader area as an “ideal zone for buys.”
Broader Market Setup Remains Intact
Chart watchers are also pointing to larger structures still in place. Trader Tardigrade described a falling wedge pattern on the weekly ETH chart, saying it remains valid and could lead to a move. Merlijn The Trader compared ETH’s setup to a previous Bitcoin cycle.
“If the echo continues, ETH is about to rip,” he said.
Crypto Patel noted that ETH remains in a wide trading range between $2,560 and $5,760. He highlighted that the MVRV ratio is currently at 1.5, which reflects a neutral zone historically seen before major price moves. He described this period as “the calm before every big move in past cycles.”
On-chain activity supports this, with Crypto Rand reporting that ETH stablecoin transfer volume hit $2.82 trillion in October, a new record and a 45% rise from September.
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