Will Ethereum break out? Analyst says holding this level is key

Ethereum was on the verge of a surge to $5,000 when the move was stalled earlier this week, but the possibility of such a move may be here again.

A crypto analyst on 8 October said the coin may be ready to explore new all-time highs if it holds a key support level long enough.

Whether the second largest asset will succeed in holding this level depends on several factors which are discussed below.

$4,350 to the rescue

While the hopes of reaching $5,000 may be in the limbo temporarily, the analyst believes that Ethereum can break to new price levels if it holds the $4,350 price level.

If the coin is able to establish this level as a strong support, the next price target will be $5,200, the analyst claims.

$ETH looks primed to break into all-time high territory, as it's finally finding stability above the $4,350s. As long as that zone continues to hold as support, ATHs aren't too far away.

5200 is my next target above 🚀#ETH pic.twitter.com/W75iSp4Upj

— The Great Mattsby (@matthughes13) October 7, 2025

Ethereum has enjoyed some positive sentiment from investors recently and like every other coin, such sentiment can be a positive force for the price.

Data shows that the supply of the coin on exchanges is on a rapid decline, which usually means that investors are withdrawing their holdings to personal wallets in anticipation of good days ahead.

#ETH supply on exchanges is falling extremely quickly.

SUPPLY CRUNCH INCOMING! pic.twitter.com/kH4zpr0xdC

— CryptoJack (@cryptojack) October 9, 2025

Similarly, investors have been buying ETH massively in addition to significant ETF inflows this week. BlackRock reportedly bought roughly $150 million worth of ETH just yesterday, among many other such purchases

BREAKING:

🐳 A $5 BILLION BITCOIN WHALE IS BUYING $1 BILLION IN ETH. HE MOVED $1.1B BTC TO A NEW WALLET AND STARTED ACCUMULATING ETH

LAST WEEK HE BOUGHT $2.5B $ETH pic.twitter.com/yAl3nXHJU8

— Ash Crypto (@Ashcryptoreal) August 29, 2025