CandleFocus Ether Gains 2.5%, Primed for More Upside as Negative Sentiment Leads to Dangerous Short Skew
2024-10-30
Author: Content Editor
Ether (ETH) has seen a 2.5% increase in the past 24 hours while bitcoin has experienced a slight decline. $17 million worth of short bets on ether have been liquidated on derivatives exchanges. The negative sentiment surrounding ETH's loss of market share could potentially result in a short squeeze. Despite skepticism about Ethereum's popularity in DeFi trading due to the emergence of layer-2 networks, data indicates otherwise. The underperformance of ETH in recent months has led to bearish sentiment, but it still holds more than 55% of the total value locked across all DeFi networks, making it a potential beneficiary when capital flows into altcoins.
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