Ethereum is approaching key support as analysts track a possible move to $8K. Technical charts and on-chain data show mixed signals in the short term.
Ethereum (ETH) is trading at around $3,700 at press time, down more than 4% in 24 hours and almost 11% on the week.
While short-term momentum has turned bearish, several analysts view this area as a possible springboard for a broader move.
Analysts see $3,800 as key level
Alí Martínez outlined what he called the “dream scenario” for Ethereum. In this view, ETH would hold above $3,800, break the resistance near $4,900 and continue towards $8,000. Its chart shows a step-by-step path up, with pauses near $5,600, $6,400 and $7,200.
He fixed,
“Ethereum bounces off $3,800, breaks above $4,900, soars to $8,000.”
This move would require a clear break above the $4,900 area, which was previously acting as a boundary. That level remains a focus for market participants looking for signs of a trend change.
Short-term signals show weakness
While longer-term scenarios remain in play, shorter timeframes show increasing pressure. The daily RSI is at 39, indicating a lack of purchasing power. The MACD is also showing a bearish trend, with the signal and MACD lines both in negative territory.
Ted noted that Ethereum is in a decisive zone.
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“If this level holds, Ethereum could rise towards $4,000 this week. If ETH fails to maintain this, expect a drop below the $3,500 area,” he said.
On the ETH/BTC chart, market watchers continue to monitor key support zones that have historically acted as solid bases during previous cycles. In an earlier comment, Michaël van de Poppe referred to this broader area as “aideal area for shopping.“
Broader market setup remains intact
Chart watchers also point out that larger structures still exist. Tardigrade Trader described a falling wedge pattern on the ETH weekly chart, indicating that it is still valid and could lead to a move. Merlijn the merchant compared Setting ETH to a previous Bitcoin cycle.
“If the echo continues, ETH is about to explode,” he said.
Patel Crypto noted that ETH remains in a wide trading range between $2,560 and $5,760. He highlighted that the MVRV index is currently at 1.5, reflecting a neutral zone historically seen before large price movements. He described this period as “the calm before every big move in past cycles.“
On-chain activity backs this up, with Crypto Rand inform that the transfer volume of the ETH stablecoin reached $2.82 trillion in October, a new record and a 45% increase from September.
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