Key takeaways:
Ether’s price fell 8% to $3,940 on Tuesday, leading to $115 million in long ETH liquidations.
A bull flag pattern on the weekly chart indicates a potential $10,000 target, but bulls need to maintain support at $3,800 first.
On Tuesday, Ether (ETH) experienced a decline, dropping over 8% from Monday’s highs above $4,300, settling at $3,940. Despite this pullback, traders remain hopeful for ETH’s price to rebound as long as essential support levels are upheld.
Ether exits $115 million in long ETH positions
Today’s bearish trend for Ether coincided with extensive liquidations in the crypto market.
Based on data from CoinGlass, over $650 million in leveraged crypto positions were liquidated in the past 24 hours, with $455 million attributed to long liquidations.
Related: BitMine acquires over 200K ETH in aggressive post-crash purchasing
Long Ether liquidations reached $114.5 million, with the figure rising at the time of publication.
This indicates that long traders were surprised by Ether’s descent below $4,000. The largest single liquidation order took place on the OKX crypto exchange, involving an ETH/USD pair worth $5.5 million.
The CoinGlass liquidation heatmap revealed multiple bands of purchasing interest below the spot price, with bid orders exceeding $743 million located between $3,670 and $3,800. This implies that the current correction might be limited at this level.
Is Ether’s uptrend finished?
Market analysts indicate that ETH’s price is undergoing a technical correction to reassess key support levels before resuming its upward trajectory.
MN Capital founder Michael van de Poppe mentioned that Sunday’s decline caused the ETH/BTC pair to fall to 0.032, which he describes as an “ideal zone for buys.”
“$ETH has reached the ideal buy zone, and I believe it’s primed for a trend reversal,” van de Poppe stated in a Tuesday post on X, adding:
“It needs a higher low, and then we’re off toward new highs.”
Another analyst, Daan Crypto Trades noted that while the 0.032 level has “held nicely,” the ETH/BTC pair needs to surpass 0.041 to maintain the uptrend.
Examining the ETH/USD pair, Titan of Crypto highlighted that the relative strength index (RSI) has broken out of a multi-year downtrend, implying that a significant breakout may be on the horizon.
If the fractal unfolds as seen in July 2020, Ether’s price could continue its upward movement, with targets set between $8,000 and $10,300, based on Fibonacci levels.
“#ETH breakout is on the horizon.”
#ETH breakout is on the way…
It could lead to significant gains pic.twitter.com/PPT2MXHd4H
— Titan of Crypto (@Washigorira) October 13, 2025
According to pseudonymous analyst Chimp of the North, Ether’s downside might be limited to $3,800.
The analyst shared a chart indicating that the altcoin might continue its retracement to re-test the $3,800 support before embarking on another rally toward $5,000 and beyond.
As reported by Cointelegraph, ETH might rebound to $4,500 in the coming days as the Ethereum futures markets stabilize following Friday’s crypto flash crash.
Ether’s bull flag points to $10,000
From a technical viewpoint, ETH price is still moving within a bull flag pattern in the weekly timeframe, a bullish configuration that arises after the price consolidates within a downward-sloping range following a significant price increase.
Ether is currently retesting the lower boundary of the flag, situated at $3,870, serving as immediate support.
The bull flag will resolve when the price surpasses the upper trendline at $4,440, paving the way for the continuation of the uptrend toward the technical target of the bull flag at $10,050 — an increase of 164% from the current price.
On the flip side, the RSI has decreased from 74 to 54 over the past seven weeks, indicating that the ongoing correction might continue for an extended period as profit-taking persists.
A daily candlestick close below the support level at $3,800 would put Ether’s price at risk of initially falling to the 20-week SMA at $3,700 and subsequently to $3,500.
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.
