Ethereum has suffered a short-term correction as the recent bull run took a breather. Bitcoin’s 6% crash has caused altcoins, including ETH, to go haywire, causing billions of US dollars in liquidations. Despite leading indicators like the altcoin season index and fear and greed index dropping. the long-term outlook of Ethereum and the broader crypto market remains bullish. Technicals suggest that the five-year Ethereum price pattern breakout could lead to a $15,000 target.
Ethereum Price Suffers Short-term Correction
Ethereum price has crashed by 8.7% from its highest level this year. This decline happened because of the ongoing Bitcoin price action. After soaring to a record high of $104,200, Bitcoin retreated below $98,000, likely because of profit-taking. Altcoins like Ether often decline when Bitcoin is falling due to the high correlation that altcoins have with respect to BTC.
The decline triggered a wave of liquidations as some bullish investors were caught off-guard. Data b
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