Ethereum Eyes $8,500 After Holding Key $4,811 Resistance as Bullish Momentum Builds
Ethereum (ETH) is showing signs of a bullish recovery, with analysts projecting a potential move toward $8,500 after the token rebuilt structure from December 2022 lows near $880. Current trading levels around $3,337 respect immediate resistance at $4,811.71, with a secondary hurdle at $5,000. Analysts JAVONMARKS and Astronomer cite six consecutive weekly holds of key lows, rising higher-lows since 2023, negative funding rates, and close correlation with Bitcoin’s breakout as drivers that pressure short positions and favour buybacks. Retail engagement remains low and sentiment is broadly bearish, which analysts say could amplify upside surprises if momentum accelerates. Key technical indicators: weekly support intact, RSI moving from oversold toward neutral/bullish, and elevated volatility around resistance levels—conditions that offer tactical setups for traders. Watch levels: support from weekly lows, immediate resistance $4,811, confirm breakout above $5,000 for higher probability of continuation toward $8,500. Primary keywords: Ethereum, ETH price, $8,500 target; secondary keywords: resistance $4,811, Bitcoin correlation, funding rates, RSI, trader setups.
Bullish
The article highlights multiple bullish indicators: sustained weekly lows for six weeks, higher-lows since 2023, improving RSI, and strong correlation with Bitcoin after BTC’s breakout. Negative funding rates and discounts encourage buybacks, which typically exert upward pressure on spot prices. Low retail engagement and bearish sentiment increase the probability of an oversized upside if institutional or momentum-driven demand returns. Short-term impact: heightened volatility around $4,811 and $5,000 creates tactical trade opportunities—confirmatory breakouts would likely trigger rapid gains toward higher targets like $8,500. Long-term impact: if weekly structure and Bitcoin-led market recovery persist, ETH could re-establish a multi-month uptrend, attracting more capital and reducing tail risk. Caveats: the bullish view depends on confirmed break of resistance (notably $5,000) and broader crypto macro conditions; failure to break these levels or renewed risk-off flows could reverse gains, making active risk management essential.