Important points:
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On Tuesday, Ether price fell 8% to $3,940, resulting in $115 million in long-term ETH liquidations.
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A bullish flag on the weekly chart suggests a $10,000 target, but bulls need to hold $3,800 first.
Ether (ETH) fell on Tuesday, trading at $3,940, down more than 8% from Monday’s high of over $4,300. Despite this correction, traders remain optimistic that ETH price will rise further as long as key support levels hold.
Ether erases $115 million long ETH position
Ether’s bearish performance today was accompanied by massive liquidations across the crypto market.
According to data from CoinGlass, over $650 million of leveraged cryptocurrency positions were liquidated in the past 24 hours, of which $455 million represented long-term liquidations.
Related: BitMine adds over 200,000 ETH with “aggressive” buying on weekend after crash
The amount of LongEther liquidated reached $114.5 million, and the tally is still continuing at the time of publication.
This means that long traders were caught off guard by Ether’s drop below $4,000. The single largest liquidation order occurred on the OKX crypto exchange involving the ETH/USD pair worth $5.5 million.
CoinGlass’ liquidation heatmap shows several bands of buyer interest below the spot price, with more than $743 million worth of bid orders located between $3,670 and $3,800. This suggests that the ongoing correction may reach a ceiling at this level.
Is Ether’s uptrend over?
Market analysts suggest that ETH price is undergoing a technical correction to retest key support levels before resuming its upward trend.
MN Capital founder Michael Van de Poppe said Sunday’s selloff saw the ETH/BTC pair drop to 0.032, which was the “best zone to buy.”
“I think $ETH has reached an ideal buy zone and is ready for a trend reversal,” van de Poppe wrote in an X post on Tuesday, adding:
“We need more lows, and then we’re off to new highs.”
Fellow analyst Daan Crypto Trades said that while the 0.032 level is “holding well,” the ETH/BTC pair needs to move above 0.041 to continue the uptrend.
Analyzing the ETH/USD pair, Titan of Crypto said the relative strength index (RSI) has broken out of a multi-year downtrend, suggesting a major breakout is imminent.
If the fractal unfolds as seen in July 2020, Ether price could continue its upward trend with an upside target set between $8,000 and $10,300 based on Fibonacci levels.
“Loading #ETH breakout.”
#ETH Loading breakout…
and it can melt the face pic.twitter.com/PPT2MXHd4H
— Crypto Titan (@Washigorira) October 13, 2025
According to anonymous analyst Chimp of the North, Ether’s downside could be limited to $3,800.
The analyst shared a chart suggesting that the altcoin may continue its retracement to retest the $3,800 support before starting a further rally towards above $5,000.
As reported by Cointelegraph, ETH could return to $4,500 in the coming days after the Ethereum futures market stabilizes from Friday’s cryptocurrency flash crash.
Ether bullish flag targets $10,000
From a technical perspective, ETH price is still trading within a bull flag pattern on the weekly time frame, which is a bullish setup that forms after a sharp rise in price followed by price consolidating within a downhill range.
Ether is currently retesting the lower bound of the flag, currently $3,870, which is acting as immediate support.
Once the price breaks above the upper trendline at $4,440, the bullish flag will be removed, paving the way for a continuation of the uptrend towards the bullish technical target of $10,050, an increase of 164% from the current price.
Conversely, the RSI has fallen from 74 to 54 over the past seven weeks, suggesting that the ongoing correction may be prolonged as profit-taking continues.
If the daily candlestick closes below the $3,800 support level, Ether’s price risks first falling to the 20-week SMA of $3,700 and then to $3,500.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.