Key Insights:
<ul>
 <li>Bullish MACD crossover may signal early momentum shift as ETH tests major resistance levels.</li>
 <li>Over $2.6B in leverage could trigger liquidations if ETH makes a sharp directional move.</li>
 <li>US spot demand remains weak; negative Coinbase premium may delay Ethereum breakout follow-through.</li>
</ul>
<figure class="wp-block-image aligncenter size-full">
 <figcaption>
 Ethereum MACD Turns Bullish: Is $8.5K the Next Big Move?
 </figcaption>
</figure>
Ethereum has formed a bullish MACD crossover on the 3-day chart. Similar patterns have appeared before strong price rises in the past. This signal comes after a long period of downward pressure and could point to a possible shift in trend.
At the time of writing, ETH was <a rel="noopener noreferrer nofollow">trading</a> near $3,094. The MACD crossover happened below the zero line, which often points to a change in direction when market momentum starts to turn. Traders are watching to see if the price can push higher from this level.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/JavonTM1/status/2009670563707363815?s=20
 </div>
</figure>
<h2 class="wp-block-heading" id="strong-key-resistance-levels-in-focus-strong">Key Resistance Levels in Focus</h2>
The next major resistance for ETH is around $4,811.71. This level acted as a peak in a previous rally and could be a key test for buyers. If the price breaks and holds above it, the chart points to a next possible target of $8,557.68.
In earlier cases, MACD crossovers led to strong continuation moves once price cleared resistance. The current setup looks similar, but confirmation is still needed before momentum builds further.
<h2 class="wp-block-heading" id="strong-us-spot-demand-remains-low-strong">US Spot Demand Remains Low</h2>
Recent data shows <a href="https://coincu.com/analysis/eth-crash-ahead-liquidation-map/" rel="noopener noreferrer nofollow">Ethereum</a> is trading at a lower price on US exchanges like Coinbase compared to global platforms. This is known as a negative premium and signals weaker demand from US buyers.
The Coinbase Premium Gap has remained negative for most of the past year. CryptoBusy <a href="https://x.com/CryptoBusy/status/2009686615241961742?s=20" rel="noopener noreferrer nofollow">posted</a>,
“Until that premium flips positive, $ETH breakouts are more likely to stall than follow through.”&nbsp;
<figure class="wp-block-image aligncenter size-large">
 <img src="https://coincu.com/wp-content/uploads/2026/01/image-138-1024x576.png" alt="Source: CryptoBusy/X">
 <figcaption>
 Source: CryptoBusy/X
 </figcaption>
</figure>
For Ethereum to hold gains, spot demand may need to improve, especially from US markets.
<h2 class="wp-block-heading" id="strong-high-leverage-builds-up-across-market-strong">High Leverage Builds Up Across Market</h2>
There is now over $2.6 billion in open leveraged positions on both sides of the market. Around $1.6 billion in short positions could face liquidation if price rises 10%. On the other side, a similar drop could wipe out $1 billion in longs.
Coinglass data shows a large number of leveraged trades clustered between $2,800 and $3,400. A post from Jön Traderlar <a href="https://x.com/jontraderlar/status/2009675768276934835?s=20" rel="noopener noreferrer nofollow">warned</a>:
<blockquote class="wp-block-quote">
 &nbsp;“As soon as a direction emerges, we could witness a very sharp liquidity cleanup.”&nbsp;
</blockquote>
<figure class="wp-block-image aligncenter size-full">
 <img src="https://coincu.com/wp-content/uploads/2026/01/image-139.png" alt="Source: Jön Traderlar/X">
 <figcaption>
 Source: Jön Traderlar/X
 </figcaption>
</figure>
However,the chart suggests that any sharp move, up or down, may cause a wave of liquidations.
<h2 class="wp-block-heading" id="strong-eth-price-and-volume-update-strong">ETH Price and Volume Update</h2>
Ethereum’s price is down 0.91% in the past 24 hours and 0.79% over the last 7 days. Trading volume for the day is around $19.17 billion.
While the chart setup is showing early signs of strength, market demand and high leverage continue to play a major role. If ETH can stay above key levels and attract stronger interest, the move toward $8,557.68 could come into view.
DISCLAIMER:&nbsp;The information on<a href="https://coincu.com/" rel="noopener noreferrer nofollow">&nbsp;this website</a>&nbsp;is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. <a href="https://coincu.com/?p=387885" rel="noopener noreferrer nofollow">Read original article on coincu.com</a>

Ethereum MACD Turns Bullish: Is $8.5K the Next Big Move?

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