Is ETH Going to $8,500? The Chart Pattern You Need to See

Ethereum (ETH) is nearing key resistance levels as the market watches for a breakout. The price is trading around $2,970 at press time, showing little change over the past day.

Over the past week, ETH has gained close to 2%. Technical charts and trading activity suggest a larger move may be forming.

Market Watches $4,800 as a Decisive Level

Analyst Javon Marks has pointed to $4,800 as a major resistance zone. His earlier price call from around $1,215 to this level played out with a gain of over 300%. “Bitcoin led the way, breaking multiple resistance points,” he wrote, adding that Ethereum could follow with a move toward $8,500 if it clears the $4,800 level. That area is being treated as a natural barrier in the current trend.

Recent chart behavior shows ETH holding steady rather than breaking out or falling back. Traders are now watching for a shift in momentum. The long-term trend still leans upward, but the market has yet to decide on a clear direction above this resistance level.

In addition, ETH is trading near the top of a descending channel on the daily timeframe. According to Clifton Fx, a strong daily close above the channel could send Ethereum toward $5,000. He described the setup as a breakout watch, with the market looking for a clear signal before confirming direction.

Elsewhere, a weekly chart shared by Trader Tardigrade shows a large Inverse Head and Shoulders pattern forming. The neckline sits close to the $4,800 level. This type of pattern is known for signaling trend reversals when confirmed. Currently, the price is in the right shoulder zone, and the pattern remains valid while that structure holds.

Support Holds as Short Interest Declines

On shorter timeframes, $2,800 is acting as the key support. According to CryptoWZRD, a move above $3,060 could open the way toward $3,230. A drop below $2,880 would shift the short-term outlook. “More price action from ETHBTC is needed,” the analyst stated, tying Ethereum’s next move to broader market behavior.

Recent data shows short positions on ETH have fallen sharply. This suggests growing pressure on bearish traders. CW posted,

As we reported, addresses holding 10,000 to 100,000 ETH now control over 21 million tokens. Exchange reserves have fallen by more than 4 million ETH this year, suggesting reduced supply on the market. Meanwhile, Large holders have increased their positions throughout 2025, while smaller investors have reduced theirs.

The post Is ETH Going to $8,500? The Chart Pattern You Need to See appeared first on CryptoPotato.