ETH Plunges 8% 🌊 But Bulls Whisper: $10K or Bust? 🚀

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Key takeaways: 🗝️

  • Ether, that fickle muse of the crypto world, tumbled 8% to $3,940, leaving $115 million in long positions as collateral damage. 💸

  • A bull flag waves optimistically on the weekly chart, promising $10,000-if only the bulls can cling to $3,800 like a drowning man to a raft. 🌊

Ah, Ether (ETH), the darling of the digital realm, took a nosedive on Tuesday, plummeting over 8% from Monday’s lofty heights above $4,300 to a mere $3,940. Yet, the traders, ever the romantics, remain steadfast in their belief that ETH will ascend once more, provided the support levels hold-a fragile hope, like a soap bubble in a storm. 🧼💨

Ether’s Liquidation Carnival 🎪

Tuesday’s bearish spectacle was accompanied by a grand liquidation fiesta across the crypto market. According to CoinGlass, over $650 million in leveraged positions were liquidated in 24 hours, with $455 million belonging to the long-suffering longs. 🥳

Ether’s long liquidations alone totaled $114.5 million, a figure that continued to climb as the market wept. The largest single liquidation, a $5.5 million ETH/USD order on OKX, was the pièce de résistance of this financial tragedy. 🎭

The CoinGlass heatmap revealed bands of buyer interest below the spot price, with $743 million in bids between $3,670 and $3,800-a safety net, perhaps, or merely a mirage in the desert of volatility. 🏜️

Is Ether’s Uptrend a Mere Illusion? 🧙‍♂️

Market analysts, those modern-day soothsayers, suggest ETH is merely pausing to retest its support levels before resuming its ascent. Michael van de Poppe, MN Capital’s founder, declared Sunday’s drop to 0.032 in the ETH/BTC pair an “ideal zone for buys,” a siren call to the bulls. 🧜‍♂️

“$ETH hit the ideal zone for buys and I think it’s ready for a trend switch,” he proclaimed on X, adding with a flourish: “It needs a higher low and then we’re off toward new highs.” 🌟

“It needs a higher low and then we’re off toward new highs.”

Daan Crypto Trades chimed in, noting the 0.032 level had “held nicely,” but warned the ETH/BTC pair must breach 0.041 to continue its uptrend. Meanwhile, Titan of Crypto, ever the optimist, declared the RSI had broken a multi-year downtrend, heralding a “massive breakout.” 🚀

“#ETH breakout is loading…

And it could melt faces.” 😎

Chimp of the North, with a chart as cryptic as a Chekhovian monologue, suggested ETH’s downside might halt at $3,800, paving the way for a rally to $5,000 and beyond. CryptoMoon, ever the dreamer, predicted a return to $4,500 as futures markets stabilize. 🌙

Ether’s Bull Flag: $10,000 or Bust? 🎌

Technically speaking, ETH remains ensconced in a bull flag pattern on the weekly chart, a setup as bullish as a Chekhov protagonist’s unspoken longing. The price now retests the flag’s lower boundary at $3,870, a support level as tenuous as a character’s resolve in a Russian novel. 📉

Should the price break above $4,440, the flag will unfurl, pointing toward a technical target of $10,050-a 164% leap from current levels. Yet, the RSI’s drop to 54 hints at a prolonged correction, as profit-takers linger like unwelcome guests at a dinner party. 🍷

A close below $3,800 would spell trouble, risking a descent to the 20-week SMA at $3,700, and perhaps even $3,500. But in the world of crypto, as in Chekhov’s stories, the outcome is never certain-only the human (or trader’s) capacity for hope and despair. 🌀

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2025-10-14 18:17