Recently, the rebound of Ethereum (ETH) led to the liquidation of over $22 million in short positions. Despite such market volatility, technical analysis indicates that the ETH price remains in a bullish flag formation. If it breaks through the current resistance level, the target price for ETH may point to $3,700. Analyst Titan of Crypto notes that the weekly Stochastic Relative Strength Index (Stochastic RSI) shows that ETH still has room to rise, indicating that it may continue to climb in the future.
On the other hand, analyst Chimp of the North indicates that ETH may experience a pullback to $2,400 before rebounding again, with expectations of rising between $3,000 and $3,300. Additionally, another analyst, Crypto Patel, points out that if the ETH price falls to $1,800 and finds support, this could potentially initiate a new upward trend, with target prices ranging between $4,000 and $5,000.
Overall, although the market experienced liquidation events, investors remain optimistic about Ethereum's future trajectory, with many analysts believing that there is still potential for further upward movement after price pullbacks. With technical indicators providing support and changes in market sentiment, the price of ETH may show strong rebound capabilities in the short term. This also reflects investors' confidence in the Ethereum network ecosystem and its future application potential.
In summary, despite facing short-term volatility and liquidation, the technical and fundamental aspects of ETH still show upward momentum, and investors continue to pay attention to the opportunities that price breakthroughs and pullbacks may bring.
