Ethereum Analysts Eye $8,500 as Next Major Price Target

$ETH pushed the $3,000 zone again but failed to hold the breakout and continues to trade slightly below that level. Analysts agree that this resistance defines the short-term bias: a decisive break would open the door to a move toward the all-time high near $4,954, while another rejection could send the market to retest the $2,800 support.

The session was marked by higher volatility, partly driven by the expiration of roughly $3.8 billion in Ethereum spot options, with the max pain level sitting exactly at $3,000. After dipping to lows around $2,900, the price bounced, though without confirming a structural shift.

At the same time, on-chain data points to steady accumulation by large investors. One whale bought around $16 million worth of Ethereum on December 25 and has accumulated roughly $130.7 million over the past three weeks. Other large holders acquired about 220,000 ETH in the last week, equivalent to nearly $660 million.

From a technical perspective, some analysts identify a hidden bullish divergence similar to the setup seen in 2023. If a breakout above the previous all-time high is confirmed, the long-term scenario projects a potential target in the $8,500 area.