Ether price fell 8% to $3,940, causing $115 million in long ETH liquidations. Bull flag on weekly chart signals $10,000 target, but $3,800 support must hold. $650 million in leveraged crypto positions liquidated in 24 hours, $455 million in long liquidations. Largest single ETH liquidation order on OKX worth $5.5 million.

Ether’s downtrend triggered $114.5 million in long liquidations. CoinGlass data shows bid orders worth over $743 million between $3,670 and $3,800, suggesting correction could be capped there. Analysts predict ETH may retest $3,800 support before rallying to $5,000+. ETH could return to $4,500 soon.

ETH price within bull flag pattern on weekly chart, currently testing lower boundary at $3,870. Break above upper trendline at $4,440 could lead to $10,050 target, up 164%. RSI drop to 54 indicates ongoing correction, close below $3,800 support may lead to drop to $3,500. Risk of profit-taking.

Analysts believe ETH may retest $3,800 before rallying to $5,000+. Market analysts predict bullish trend continuation after correction. Van de Poppe and Crypto Trades believe ETH/BTC pair could switch trend, needing higher low and break above 0.041 for uptrend. RSI breakout signals potential massive uptrend.

Read more at CoinTelegraph: Here’s Why Ethereum Analysts Say ETH Price is Ready for ‘Trend Switch’