Ethereum,$ETH

Due to the decline in Bitcoin, it lost 8.7% in the short term. Liquidations occurred at around $200 million in long positions in Ethereum. However, in the long term, it seems possible for Ethereum to reach the $15,000 target.

Ethereum experienced a short-term correction, falling from $3,704.2 to $98,211.9, along with Bitcoin’s 6% decline. This led to billions of dollars worth of liquidations in ETH and other altcoins. However, the long-term outlook for Ethereum and the overall crypto market is still considered positive. Ethereum’s price has fallen 8.7% from its peak this year, a pullback that is tied to Bitcoin’s movements. Bitcoin is down 6% from its record highs, while altcoins are negatively impacted by their high correlation with Bitcoin.

This decline led to an unexpected liquidation wave among investors. According to CoinGlass data, approximately $200 million worth of liquidation occurred in Ethereum long positions. Bitcoin liquidation was $131 million, indicating that Ethereum’s liquidation level was higher. In addition, Ethereum short position holders faced a liquidation of $27 million.

Technical indicators predict that Ethereum could reach the $15,000 target with a breakout of its five-year price pattern. Detailed price charts show that Ethereum has a large potential to increase in the long term, reaching $15.3 trillion in market value. Weekly chart analysis reveals that Ethereum follows unique and repeatable cycles.

Ethereum’s strong fundamentals and backing by major financial firms like BlackRock reinforce long-term bullish expectations. Some analysts predict that Ethereum could rally to $15,313. Such a rally brings to mind Stellar’s ​​nearly 500% surge in November and Ripple’s similar surge.

Ethereum’s technical structure allows the market to make a strong breakout, repeating previous uptrends. However, if the support level of $890 is broken, there is a risk that Ethereum could fall to its 2020 low of $100. Therefore, it is critical for investors to closely monitor market movements.

In light of these developments, despite Ethereum’s short-term fluctuations, it is evaluated that it has strong long-term fundamentals and may offer potential buying opportunities. Market analysts predict that Ethereum’s future will take a positive shape and that it will continue to grow with technical analysis and market support.