- Lark Davis says bull structure is clear and expects new ATH for the altcoin.
- The pioneer altcoin asset is expected to hit new ATH between $7,000 and above.
- ETH is currently coiling inside a bullish pennant structure.
Leaders of the crypto community have always been the calming voices of reason and fact, and this latest $20 billion liquidation event has been another moment for them to shine. Over the past couple of days, since the liquidation, these crypto community leaders have been sharing their opinions on the current market state and on what to expect next. Lark Davis says ETH bull structure is clear and expects new ATH from $7,000 and above.
Lark Davis says ETH Bull Structure Is Clear
The last few days have been busy for crypto leaders and community leaders who have all been addressing the masses and sharing their opinions on the $20 billion liquidation event and what to expect next. In detail, very few analysts predicted a dump and most seasoned traders who stayed away from massive longs and leverages did not face huge liquidations. Instead, they tried to figure out what caused it.
Only one analyst expected a massive dump to even the balance in what he believed to be an overbought crypto market. While most analysts believed Trump’s 100% tariff on China announcement led to the liquidation, this analyst said that the announcement was just a trigger to what would have been an eventual and inevitable market liquidation. With this dump having played out, the crypto market is at a reset.
The reset scenario has left most traders devastated. After all, even the most cautious leveraged were wiped out completely, especially for altcoins. Overall, altcoin prices fell between 50% and 90%, with some assets even falling to zero. Even short positions were liquidated by $3 billion. Indeed, this was no casual dump, many confirm the dip was textbook market manipulation.
ETH ATH From $7,000 and Above Expected
Some community leaders notices a few wallets set huge short trades before Trump’s announcement, suggesting insider information. Others say the ferocity and the fact that the drop played out within an hour is all the confirmation they need. However, most analysts state that the crypto market has always been a volatile stage and drops like this cannot be avoided even when trading cautiously, as it is simply the nature of crypto.
All in all, analysts conclude that the market is stable and the retest has allowed traders to become bullish once again. As we can see from the post above, Lark Davis states that ETH structure is clear and bullish. He highlights how the asset broke out of a multi-year symmetrical triangle that started back in 2021 and is now coining inside a bullish pennant. He finishes his observation by saying that soon the price of ETH should make its way to $7,000 ATH targets and higher.
