Ethereum Bulls Target $6K if Key $3,850 Support Holds Firm

 Key Insights:

• Ethereum holds a rising channel, with $3,850 support key to sustaining momentum toward the $6,000 target.
• $8B in ETH shorts could face liquidation above $4,450, setting up potential short squeeze conditions.
• Monthly MACD crossover and three-year triangle breakout point toward $14,000–$20,000 long-term bullish targets.

Ethereum (ETH) was trading at $4,298.89 with a 24-hour volume of $31.90 billion. The token has declined 2% over the last day and 6% in the past week. On the 12-hour chart, ETH remains inside a rising channel that has guided price since spring.

Following a strong advance, ETH has started to cool, consolidating in the upper half of the channel. This pause is viewed as a re-accumulation phase, a period where momentum eases before the next move. Captain Faibik pointed to the $3,850–$3,900 area as key, calling it a “buy zone” where bulls are expected to defend.

Path Toward $6,000

As long as ETH holds above $3,850, the structure of the channel stays intact. The projection on the chart shows a rounded base forming, which could support a rebound toward the $6,000 level in the weeks ahead. This target aligns with the channel’s upper boundary.

If price falls below $3,850, momentum could shift, exposing ETH to lower support levels and delaying further gains. For now, price action remains constructive within the channel.

Short Liquidations Build Up

Market data shows a large cluster of short positions sitting above current levels. Cumulative short liquidation leverage climbs steeply from $4,341, reaching nearly $9.3 billion.

 Crypto Rover explained,

 “$8,000,000,000 in $ETH shorts set to be liquidated once new ATHs hit.”