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The world\u2019s second-largest cryptocurrency by market cap blasted past $4,200 today for the first time since December 2021, liquidating $207 million in shorts in the process.<\/p>\n
The movement has piqued the interest of market watchers, with some claiming it\u2019s the launchpad for a historic run to $12,000, even as others still feel it\u2019s a brutal bear trap.<\/p>\n
Fueling the fire was pseudonymous on-chain analyst Tracer, who told<\/a> their over 312,000 followers on X that \u201c$ETH is about to break 4-year resistance\u2026 $12,000 is not just a dream anymore.\u201d According to them, a confirmed breakout would unleash a \u201cMONSTER rally\u201d that would demand immediate positioning.<\/p>\n They were not alone in their raving, with YouTuber Crypto Rover predicting<\/a> a run to $6,000 on the back of institutional uptake of the cryptocurrency.<\/p>\n \u201cOnce BlackRock\u2019s Spot $ETH Staking ETF gets approved. We teleport to $6,000,\u201d the influencer declared.<\/p>\n<\/blockquote>\n Data from Glassnode lends some credence to their optimism, noting<\/a> a \u201csharp rise in both first-time buyers and momentum buyers,\u201d a sign of fresh demand coming into the ETH market.<\/p>\n Ethereum\u2019s run<\/a> past the $4,200 barrier was powered by a 19% weekly gain, with a 7.5% jump in the last 24 hours putting more than $200 million in leveraged short positions to the sword and drawing cheers from unlikely corners. Even Eric, the son of U.S. President Donald Trump, tweeted:<\/p>\n \u201cIt puts a smile on my face to see ETH shorts get smoked today. Stop betting against BTC and ETH \u2013 you will be run over.\u201d<\/p>\n<\/blockquote>\n However, not everyone is celebrating. Noted analyst and self-proclaimed ETH skeptic EGRAG CRYPTO revealed<\/a> a chilling plan: \u201cIf #ETH \/ #BTC closes above 0.039\u2026 I plan to short the shit out of #ETH.\u201d He sees this pump as a potential setup for a massive, portfolio-boosting short opportunity, calling it \u201cpersonal revenge.\u201d<\/p>\n Even bullish voices like Micha\u00ebl van de Poppe are urging<\/a> caution at these levels: \u201cIt is a little too risky to be buying $ETH at these highs,\u201d he posted on X, advising investors to rotate capital into the ETH ecosystem for better risk\/reward.<\/p>\n With ETH now less than 15% below its all-time high and momentum buyers piling in, the $12,000 call no longer seems pure fantasy to the permabulls. Yet, EGRAG\u2019s lurking short and Van de Poppe\u2019s warning about overextended prices should be stark reminders: parabolic moves can end in pain.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
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Bears Whisper of an Imminent Reckoning<\/h2>\n
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