Ethereum

Long

bullish

when

Key takeaways:
<ul>
 <li>Ether price dropped 8% to $3,940 on Tuesday, triggering $115 million in long ETH liquidations.</li>
 <li>A bull flag on the weekly chart suggests a $10,000 target, but bulls must hold $3,800 first.</li>
</ul>
 Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) was down on Tuesday, dropping more than 8% from Monday’s highs above $4,300 to trade at $3,940. Despite this correction, traders remain optimistic that the ETH price will rise higher as long as key support levels hold.
<h2 id="ether-wipes-out-115-million-in-long-eth-positions">Ether wipes out $115 million in long ETH positions</h2>
Ether’s bearish performance on Tuesday was accompanied by significant liquidations across the crypto market.
According to <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow" target="_blank">data</a> from CoinGlass, more than $650 million leveraged crypto positions have been liquidated over the last 24 hours, with $455 million representing long liquidations.
Related: <a href="https://cointelegraph.com/news/bitmine-acquires-2-5-eth-supply-aggressive-post-crash-buying" rel="noopener noreferrer nofollow">BitMine adds over 200K ETH in ‘aggressive’ post-crash weekend buying</a>
Long Ether liquidations amounted to $114.5 million, with the tally continuing at the time of publication.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199e319-818f-758c-ada4-e9af7b536a6d" title="" alt="Ether drops 8%, but traders say ETH price breakout to $10K is ‘loading’">
 <figcaption style="text-align: center;">
 ETH liquidation heatmap. Source: CoinGlass
 </figcaption>
</figure>
This means that long traders were caught off guard by Ether’s drop to below $4,000. The largest single liquidation order occurred on the OKX crypto exchange involving an ETH/USD pair worth $5.5 million.
The CoinGlass liquidation heatmap <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap?coin=ETH&amp;type=symbol" rel="noopener noreferrer nofollow" target="_blank">showed</a> several bands of buyer interest below the spot price, with bid orders worth over $743 million sitting between $3,670 and $3,800. This suggested that the ongoing correction might be capped at this level.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199e319-8cbe-773f-a06b-5f7e85d47f82" title="" alt="Ether drops 8%, but traders say ETH price breakout to $10K is ‘loading’">
 <figcaption style="text-align: center;">
 ETH liquidation heatmap. Source: CoinGlass
 </figcaption>
</figure>
<h2 id="br-is-ether-s-uptrend-over"> Is Ether’s uptrend over?</h2>
Market analysts suggest that the ETH price is undergoing a technical correction to retest key support levels before resuming its uptrend.
MN Capital founder Michael van de Poppe said that Sunday’s drop saw the ETH/BTC pair plunge to 0.032, which was an “ideal zone for buys.”
“​​$ETH hit the ideal zone for buys and I think it’s ready for a trend switch,” van de Poppe <a href="https://x.com/CryptoMichNL/status/1978062478815990098" rel="noopener noreferrer nofollow" target="_blank">wrote</a> in a Tuesday X post, adding:
<blockquote>
 “It needs a higher low and then we’re off toward new highs.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199e319-9398-7739-b6b0-78285ea8a7fb" title="" alt="Ether drops 8%, but traders say ETH price breakout to $10K is ‘loading’">
 <figcaption style="text-align: center;">
 ETH/BTC daily chart. Source: Michael van de Poppe
 </figcaption>
</figure>
Fellow analyst Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1977623801815830980" rel="noopener noreferrer nofollow" target="_blank">said</a> while the 0.032 level has “held nicely,” the ETH/BTC pair needs to break above 0.041 to continue the uptrend.&nbsp;
Analyzing the ETH/USD pair, Titan of Crypto said the relative strength index, or <a href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal" rel="noopener noreferrer nofollow" target="_self">RSI</a>, had broken out of a multi-year downtrend, suggesting a massive breakout was imminent.&nbsp;
If the fractal plays out as seen in July 2020, Ether’s price could continue its uptrend with the upside target set between $8,000 and $10,300, based on Fibonacci levels.
<blockquote>
 “#ETH breakout is loading.”
</blockquote>
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> breakout is loading… And it could melt faces <a href="https://t.co/PPT2MXHd4H" rel="noopener noreferrer nofollow">pic.twitter.com/PPT2MXHd4H</a>— Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1977812163361448203?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 13, 2025</a>
</blockquote>
Ether’s downside may be capped at $3,800, according to pseudonymous analyst Chimp of the North.&nbsp;
The analyst <a href="https://x.com/search?q=from%3Acryptochimpanz%20eth&amp;src=typed_query&amp;f=live" rel="noopener noreferrer nofollow" target="_blank">shared</a> a chart suggesting that the altcoin could continue its retracement to retest the $3,800&nbsp; support before launching another rally toward the $5,000 and above.
As <a href="https://cointelegraph.com/news/eth-readies-to-reclaim-4-5k-as-futures-markets-stabilize-from-crypto-flash-crash" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, ETH could return to $4,500 over the next few days after the Ethereum futures markets stabilized from <a href="https://cointelegraph.com/news/19b-crypto-market-crash-controlled-deleveraging-cascade-analyst" rel="noopener noreferrer nofollow">Friday’s crypto flash crash</a>.&nbsp;
<h2 id="ether-s-bull-flag-targets-10-000">Ether’s bull flag targets $10,000</h2>
From a technical perspective, ETH price is still trading within a <a href="https://cointelegraph.com/news/what-is-a-bull-flag-chart-pattern-and-how-to-spot-it" rel="noopener noreferrer nofollow">bull flag</a> pattern in the weekly time frame, a bullish setup that forms after the price consolidates inside a down-sloping range following a sharp price rise.
Ether is now retesting the lower boundary of the flag, currently at $3,870, which is acting as immediate support.&nbsp;
The bull flag will resolve once the price breaks above the upper trendline at $4,440, opening the path for the continuation of the uptrend toward the technical target of the bull flag at $10,050 — up 164% from the current price.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199e319-9b98-70d9-a64b-0f77e5762cc3" title="" alt="Ether drops 8%, but traders say ETH price breakout to $10K is ‘loading’">
 <figcaption style="text-align: center;">
 ETH/USD four-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/x/P3AguZZh/" rel="noopener noreferrer nofollow" target="_blank">TradingView</a>
 </figcaption>
</figure>
Conversely, the RSI has dropped to 54 from 74 over the last seven weeks, suggesting that the ongoing correction may go on for longer as profit-taking continues.
A daily candlestick close below the support level at $3,800 will put Ether's price at risk of dropping first to the 20-week simple moving average (SMA) at $3,700 and later to $3,500.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ether drops 8%, but traders say ETH price breakout to $10K is ‘loading’

Table of Contents

Cointelegraph

Other articles published on Oct 14, 2025

Join our free newsletter for daily crypto updates!