🚀📈 Ethereum’s Surge to $3.6K: Speculation Fuels Rise, But Is a Pullback Still Likely?

🚀 Ethereum Reclaims $3.6K Amid Bullish Momentum
Ethereum (ETH) surged nearly 15% this week, reclaiming $3,600 for the first time in seven months. Despite minor consolidations, no major pullback has occurred, driven by FOMO buying and leverage from both longs and shorts, with open interest reaching $24.08 billion.

📊 Liquidations Highlight Market Activity
In the past 24 hours, $283.12 million in liquidations occurred, primarily affecting shorts. A notable $2.81 million order on Bitmax highlights whale-triggered short squeezes, pushing ETH into a resistance zone. Whales accumulated 50 million ETH, forcing a price surge as shorts covered their positions.

💡 $4K Target Hinges on Whales
ETH’s short-term target of $4K depends on whales stabilizing prices near $3.8K, a psychological level that could attract fresh interest. Without sustained bullish activity, high leverage could give bears the upper hand, leading to a correction back to $3.5K.

🐋 Whale Support Drives Momentum
Whale activity has been critical in absorbing sell pressure, fueling a nearly 10% rise. With Bitcoin rebounding to $95K, ETH bulls have gained confidence. However, the rally’s speculative nature means volatility remains high, and continued whale support is essential for further gains.

📉 Consolidation or Correction Ahead?
While Ethereum’s surge shows strength, its reliance on speculative leverage and whale support makes it vulnerable. If whales lock in profits, shorts could regain control, leading to a potential correction. Consolidation seems likely unless fundamental buying replaces speculative momentum.