Trader Eugene, a well-known figure in the cryptocurrency trading community, has taken a long position on Ethereum following its recent breakout above the $4,000 resistance level on August 9, 2025. This move has been widely interpreted as a sign of growing bullish sentiment in the market, particularly as institutional demand for Ethereum continues to rise. The breakout has led to a short squeeze, with over $105 million in ETH short positions liquidated within hours, accounting for 53% of total crypto short liquidations for the day [2]. The price briefly climbed to $4,060 before retreating to $4,015, with the $4,100 level now a key area to watch for further movement [2].
Ethereum’s technical indicators remain favorable, with higher lows on intraday charts and strong spot buying activity without significant leverage risk. The recent surge in institutional demand is also evident through the $537 million inflow into spot Ethereum ETFs over the past four trading days [2]. This has reinforced expectations of a continued upward trend, although analysts have warned that without strong volume, a rejection at key resistance levels could trigger a short-term pullback [2].
Trader Eugene, also known by the handle @0xENAS, has been vocal in his bullish stance, stating that the $4,000 level had become a psychological turning point. He remarked, “There’s nothing more to say, the $4000 resistance level of ETH has been broken, so I surrender and decisively choose to go long,” signaling a strategic shift in his approach. His comments align with a broader market sentiment that Ethereum is entering a new phase of growth, driven by both institutional adoption and increased utility within the DeFi ecosystem [2] [4].
The Ethereum blockchain has seen a record Total Value Locked (TVL) of $306 billion, surpassing the previous all-time high of $253 billion. This surge in DeFi activity highlights the maturing nature of the Ethereum network and reinforces the belief that continued growth in utility could provide further support for the price [2]. Analysts suggest that if Ethereum maintains its momentum above current support levels, the next potential target could be between $4,400 and $4,500, driven in part by forced short covering [2].
Trader Eugene’s updated outlook is in line with broader analyst forecasts, including those from John Walsh and Ash Crypto, who have both pointed to $4,100 as a critical level for Ethereum. Walsh had previously forecasted a breakout in early July, and the recent price action has largely validated this expectation [1] [2]. As the market continues to evolve, the focus remains on whether Ethereum can sustain its gains and break through the next key resistance levels without significant consolidation.
Source: [1] Ethereum breakout forecast (https://tradersunion.com/news/market-voices/show/426462-ethereum-breakout-forecast/) [2] Ethereum $4000 surge sparks short squeeze speculation…
Read More: Ethereum Surpasses $4,000 Resistance Sparking $105M Short Squeeze
