Ether witnessed the largest sell-off of the day across all cryptocurrency assets on Friday when its price surpassed $4,000, with some analysts suggesting this could set the stage for a further sell-off. The rally prompted Eric Trump, son of U.S. President Donald Trump, to criticize bearish traders.
$4.1 Thousand Is Now Key For "Short-Term Price Compression," Trader Says
“I’m very pleased to see the ETH short positions get blown away today. Stop betting against BTC and ETH - you will be crushed,” Trump said in a post on X on Friday.
On Friday, about $105 million in short Ether (ETH) positions were liquidated, accounting for about 53% of the total $199.61 million in short positions liquidated across the entire cryptocurrency market, as Ether's price surpassed the $4,000 mark for the first time since December 2024, according to CoinGlass.
Theo Nansen, the price of Ether peaked at $4,060 during the day, an increase of 4.6% in the past 24 hours, before dropping to $4,015 at the time of publication.
Cryptocurrency trader Ash Crypto stated that the actual price challenge will be $4,100, which he calls a "major resistance level."
Ash Crypto stated: "If ETH surpasses $4,100, it could trigger a short-selling situation causing the price of ETH to drop to $4,400 - $4,500 in just a few hours."
Optimism About Ether Is Rising In The Cryptocurrency Industry
Cryptocurrency trader Ted said: "In my opinion, there has never been a bullish trend like this," referring to the increasing interest from institutions in Ether and the demand for Ether ETFs.
According to data from Farside, in the past four trading days, spot Ether ETFs have seen an inflow of approximately $537 million.
Recently, there have been some notable price predictions for Ether. After surpassing the $4,000 mark, cryptocurrency trader Moustache said: "I know it sounds far-fetched, but I think ETH will reach over $10,000."
Meanwhile, Fundstrat co-founder Tom Lee stated on Thursday that Ether is experiencing its "Bitcoin 2017 moment" and could reach up to $16,000.
