Ethereum targets $8,500 if price clears $4,900 resistance

Ethereum sets up for a $5,000 test. Derivatives interest and volumes jump as an analyst maps an $8,500 target.

Despite Bitcoin hitting new highs, Ethereum remains under $5,000. Analysts still see a path to five figures, with a retest of key resistance first reported here.

Crypto analyst Javon Marks says ETH is exiting a long accumulation. He tracks a push toward $4,900 and then higher in this note. “Bull patterns that hold in ETH hint at a push towards the $4,900 levels… The next we’re looking at is above $8,500,” he wrote on X.

Price action holds above $2,000 support, setting a bounce setup per this analysis. A break over $4,900 would open the way to Marks’s $8,500 projection outlined here.

Metrics back the move:
- Open interest jumped from about $25B last week to over $32B this week Coinglass.
- Daily trading volume topped $89B earlier in the week and still sits above $50B after a pullback Bitcoinist.
- Major resistance sits near $3,000 on the way up NewsBTC.