Ethereum Update: Quiet Battle at $3,800—Major Investors Fuel Ethereum's Push Toward $8,000
- Ethereum (ETH) fell 11% weekly to $3,700, sparking debate over its potential to reach $8,000 amid mixed technical indicators. - Analysts highlight $3,800 as a critical short-term support level, with bullish scenarios requiring a break above $4,900 historical resistance. - Whale and institutional accumulation of 500,000 ETH in October, plus a 45% surge in stablecoin transfers, signal growing long-term confidence. - A falling wedge pattern and MVRV ratio at 1.5 suggest potential volatility, but risks persi
Ethereum (ETH) is currently valued near $3,700, having dropped more than 4% in the past day and almost 11% over the last week. This decline has fueled discussions among market experts about whether ETH could rally to $8,000. Although short-term technical signals point to ongoing bearish momentum, some analysts believe that if buyers can defend crucial support and resistance zones, a strong upward move could follow.
Market watchers are paying particular attention to the $3,800 mark, which is seen as a key short-term pivot. Ali Martinez, a well-known analyst, described an ideal scenario in which
Large-scale investors and institutional buying are also contributing to
Wider market factors also suggest possible turbulence ahead. Ethereum’s stablecoin transfer volume soared to a record $2.82 trillion in October, up 45% from the previous month, signaling increased demand for liquidity strategies amid uncertain conditions, as reported by
Chart patterns also support the possibility of a breakout. Trader Tardigrade has identified a falling wedge on ETH’s weekly chart—a bullish setup that could drive prices higher if it plays out, according to CryptoPotato. On-chain data from CryptoQuant shows daily active addresses have dropped to 363,000, but ETH remains within a trading range of $2,560 to $5,760. Yahoo Finance notes that historically, sharp price movements often follow periods of consolidation within such ranges.
Despite these encouraging signs, risks remain. If ETH fails to stay above $3,800, more selling could occur, testing the $3,500–$3,600 support, as highlighted by CryptoPotato. Another analyst, Ted, cautioned that a fall below $3,500 could speed up a decline toward $3,200, while a move above $4,900 would strengthen the case for an $8,000 target, according to BraveNewCoin analysts.
Reaching $8,000 will depend on continued institutional interest, whale activity, and confirmation from technical indicators. With
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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