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Ethereum 
$2,606 experienced a short-term correction alongside Bitcoin’s 6% decline, resulting in billions in liquidations across altcoins, including ETH. Despite this downturn, the long-term outlook for Ethereum and the overall cryptocurrency market remains positive.
Price Correction and Bitcoin’s Impact
The price of Ethereum fell by 8.7% from its yearly peak, correlating with Bitcoin’s market movements. Bitcoin 
$103,515 experienced a 6% pullback from record levels, which significantly affected altcoins due to their high correlation with Bitcoin.
This decline triggered an unexpected wave of liquidations that impacted investors. According to CoinGlass data, Ethereum long positions faced approximately $200 million in liquidations, while Bitcoin’s liquidations stood at $131 million, indicating a more significant impact on Ethereum. Additionally, short sellers of Ethereum also faced $27 million in liquidations.
Technical Analysis and Future Expectations
Technical indicators suggest that Ethereum could reach a target of $15,000, breaking its five-year price pattern. Detailed price charts indicate substantial growth potential, with Ethereum’s market capitalization potentially reaching $15.3 trillion in the long run. Weekly chart analyses show that Ethereum follows unique and repeatable cycles.
The solid fundamentals of Ethereum, bolstered by support from financial giants like BlackRock, strengthen long-term bullish expectations. Some analyses suggest that reaching the target of $15,313 is feasible, with the possibility of a rally similar to Stellar and Ripple 
$3‘s nearly 500% increase in November.
The technical structure of Ethereum allows for the repetition of previous upward trends, enabling significant market breakouts. However, if it falls below the support level of $890, there is a risk of decline to $100, the low point of 2020. Therefore, it is crucial for investors to closely monitor market movements.
In light of these developments, Ethereum’s short-term fluctuations are viewed as opportunities, backed by strong long-term fundamentals. Market analysts predict a continued positive trajectory for Ethereum’s future through technical analyses and market support.
