#CryptoETFMania Can Ether cross $3.5k despite $1B in cumulative shorts?

The $3,500 price level continues to act as a significant resistance for the world’s second-largest cryptocurrency.

A potential Ether rally above $3,500 would liquidate over $1 billion worth of cumulative leveraged short positions across all crypto exchanges, CoinGlass data shows.

At the time of writing, Ether’s price is trading 31% lower than its old all-time high of above $4,800, recorded on Nov. 16, 2021.

Based on technical chart patterns, Ether has entered an accumulation wave, which could help ETH price surpass $4,400 during the first quarter of 2025, wrote popular crypto analyst TMV in a Dec. 28 X post:

“Wave 5 accumulation [is] happening. Even if it sweeps one more time I will buy. Heavy target $4,400.”

However, the analyst warned that a correction below $2,914 would invalidate the accumulation wave thesis.

Most crypto analysts remain optimistic about Ether’s price trajectory in the first part of 2025.

Ether’s price may be on track for a rally above $4,000 before Jan. 20, when President-elect Donald Trump will take office, a Bybit spokesperson told Cointelegraph.