Ethereum chart hints next leg could send it to $8K
Despite the larger part of the cryptocurrency market going through a bearish few weeks, Ethereum (ETH)’s long-term structure may be approaching a key breakout moment, and one more impulsive wave could send it toward the $8K mark.
Ad
Specifically, a 5-day ETH chart outlines an Elliott Wave sequence showing four completed waves and a potential fifth wave still in play, amid Ethereum’s consolidation within a descending channel forming the Wave 4 correction phase, per an analysis shared by crypto expert CoinsKid on October 21.
Historically, this pattern precedes a final push, Wave 5, that often extends into Fibonacci levels well above the prior highs. As CoinsKid observed, “I have been charting $8K ETH since 2019. Crazy that if we see one more wave, it gets there.”
Fibonacci structure points to $7.9K target
As it happens, the Fibonacci extensions on the chart identify three major upside levels if the next impulsive leg takes shape, starting with 1.272 at $5,465, followed by 1.414 at $6,365, and finally going to 1.618 at $7,923, the latter aligning with CoinsKid’s $8,000 projection.
Ad
Meanwhile, ETH is currently changing hands at the price of $3,884.33, recording a 3.79% dip in the last 24 hours, a decline of 2.53% across the previous seven days, and an accumulated loss of 13.23% on its monthly chart, according to the latest data.
Its key retracement support is standing near $3,244 (0.786 Fib) and $2,700 (0.618 Fib). A sustained move above $4,000 – $4,100 would confirm the transition out of Wave 4 and mark the start of the fifth leg. If the pattern plays out, Ethereum could be on track to test new all-time highs (ATHs) sometime in 2026, matching the projected Fibonacci target zones.
Earlier, fellow crypto trading expert Ali Martinez highlighted the $3,700 zone as a ‘make-or-break’ range for Ethereum, implying that a clean breakout could dictate ETH’s next big move, perhaps even to $10,000 in the coming months, arguing that the bull market was far from over.
How do you rate this article?
Subscribe to our YouTube channel for crypto market insights and educational videos.
Join our Socials
Briefly, clearly and without noise – get the most important crypto news and market insights first.
Most Read Today
1
Samsung crushes Apple with over 700 million more smartphones shipped in a decade
2Peter Schiff Warns of a U.S. Dollar Collapse Far Worse Than 2008
3Dubai Insurance Launches Crypto Wallet for Premium Payments & Claims
4XRP Whales Buy The Dip While Price Goes Nowhere
5Luxury Meets Hash Power: This $40K Watch Actually Mines Bitcoin
Latest
8
Also read
Similar stories you might like.
Bitcoin
Why Bitcoin Looks Weak Today But Strong Long-Term
Ana | 2026-01-29
Altcoins
Tom Lee’s Bitmine Deepens Massive Ethereum Staking Bet to $7.6B
Ana | 2026-01-29
Altcoins
Dogecoin Bulls vs. Bears? One Key Line Decides Everything
Ana | 2026-01-29
Altcoins
XRP Whales Buy The Dip While Price Goes Nowhere
Ana | 2026-01-29
Altcoins
Russia Finalizes Rules for Bitcoin, Ethereum, and Stablecoins
Ana | 2026-01-29
Altcoins
Crypto Mirrors 2020 as a 2021-Style Rally Looms
Ana | 2026-01-28
Bitcoin
Bitcoin’s Four-Year Cycle Is “Dead,” Claims the World’s Smartest Man
Ana | 2026-01-28
Altcoins
Grayscale Tweaks XRP Trust Filing as Spot ETF Momentum Heats Up
Ana | 2026-01-29
Bitcoin
Dorsey’s Offline Chat and Bitcoin App Surges Amid Iran, Uganda Shutdowns
Ana | 2026-01-29
Altcoins
Vitalik Warns Crypto’s Biggest Risk Isn’t Hackers – It’s Something Worse
Ana | 2026-01-28