Ethereum (ETH) Eyes $8,500 as Key Support Sparks Recovery Momentum

Ethereum is displaying initial signs of healing and recovery from being stabilized around the important support levels. There are huge hopes for the possible rise of Ethereum to the resistance levels following the initiation of an uptrend triggered by Bitcoin’s rise to record heights.

At the time of writing, ETH is trading at $2,982.50, with a 24-hour trading volume of $26.51 billion and a market capitalization of $361.41 billion. Over the last 24 hours, ETH has recorded a modest 0.20% increase, signaling early support around key price levels.

Source: CoinMarketCap

Ethereum Poised For Major Rally

Crypto analyst Javon Marks highlighted the Ethereum potential for major growth, emphasizing the possible increase from around $1,215 to a target of $4,811.71, which is a significant increase of over 300%. Marks also stated that the possible rally may end up pushing the price of ETH to $8,500 in the future.

Source: X

Ever since the recent breakout of Bitcoin through various resistance points, the focus is now on ETH, as market players are looking for similar positive movements. If it breaches the resistance level of $4,811.71, it could open the way for further positive movements to the level of $8,557.68.

Ethereum Builds Momentum Near Support

At the same time, market analyst GainMuse noted that “Ethereum is actually consolidating around the support areas, and it is creating some upward pressure. If the support areas continue to be maintained, it will trigger a rally to the descending resistance.”

Source: X

However, with ETH at such an important stage, there is reason to be encouraged about the possibility of it recovering and making further advancements. This is because the coming weeks are expected to see crucial market movements in the concerned cryptocurrency.

Also Read | Ethereum Whales Accumulate $350 million Worth of ETH as Supply Concentration Rises

Ethereum Weekly Momentum Turns Cautious

For the weekly chart, RSI is still weak at 42.79 and is under its average at 48.21, indicating decreasing momentum in purchase. Price is currently at $2,987 and is lower than the 20 MA of $3,746 and is close to the 50 and 100 MA values of $3,061-$3,101. An MA ribbon indicates sell pressure, and the 200 MA of $2,459 is significant support.

Source: TradingView

MACD also reveals the slowing momentum because the MACD line is at -116.52, whereas the signal line remains at 32.02. The histogram has moved further into the negative region at -148.54. Based on the entire structure of MACD, ETH seems to remain in the corrective phase until the momentum changes.

Also Read | Ethereum Price Consolidates, Setting Stage for $3,550 Breakout Momentum