Pro Says Ethereum Price is a Buy Despite Rising Liquidations and BlackRock Selling

Ethereum price crashed by over 6.5% today, Oct. 14, as the crypto market crash resumed. Still, one popular crypto analyst believes that the coin is still a buy despite the soaring liquidations, exchange-traded funds outflows, and increased selling by BlackRock.

Popular Analyst Sees Ethereum Price Rebounding

Ethereum price crashed below the important support level at $4,000 on Tuesday. This crash happened as investors remained concerned about the ongoing tensions between the US and China. China announced some more sanctions targeting US shipping companies. 

The coin also plunged as liquidations jumped. Data compiled by CoinGlass shows that Ethereum positions worth over $145 million were liquidated in the last 12 months as the coin plunged. 

This was the highest liquidation since Friday, when positions worth over $3.8 billion were closed. Liquidations are normally bearish because they lead to more selling pressure. 

Meanwhile, demand for Ethereum among Wall Street investors has continued fading this month. Spot Ethereum ETFs had over $428 million in outflows on Monday, up from $174 million on Friday and $8.54 million on Thursday. 

The ongoing Ethereum ETF inflows explains why BlackRock dumped millions of Ethereum today. Data shows that the spot Ethereum ETF had over $310 million in outflows on Monday. 

Still, one popular crypto analyst believes that the coin is in its buy zone. In an X post, Michael van de Poppe, who has over 811k followers, noted that the coin just needs a higher low and then it will bounce back, possibly to a record high. 

ETH Price Technical Analysis

The weekly timeframe chart shows that the Ethereum price could be on the verge of a strong bullish breakout in the coming weeks as it has formed numerous bullish patterns. 

Its current price is at an important level as it was the highest swing in March, May, and November last year. This means that the coin has formed a break-and-retest pattern, which is a common bullish continuation pattern.

Ethereum price has formed q giant hammer candlestick pattern, which is made up of a long lower shadow and a small body and is a common bullish reversal sign.

It has also formed a bullish flag pattern, which is made up of a vertical line and a descending channel. This pattern often resembles a hoisted flag and is a common bullish continuation sign.

Therefore, the most likely ETH price forecast for 2025 is bullish, with the next target being at the psychological level at $5,000. A move above that level will point to more gains, potentially to the psychological level at $6,250. This target is along the extreme overshoot level of the Murrey Math Lines tool.

On the other hand, a drop below the lower side of the hammer candlestick pattern at $3,425 will invalidate the bullish Ethereum price outlook.