CandleFocus Ethereum price: Analyst points to potential short-squeeze
2024-10-22
Author: Content Editor
The price of Ethereum has experienced some volatility, initially rising along with Bitcoin's surge but later dipping and testing support levels. However, a CryptoQuant analyst suggests that ETH could face a short squeeze due to rising leverage. If the price breaks the resistance level at $2.7k, it could lead to unexpected gains and major liquidations. The key level to watch is the 100-day moving average at $2,700, which presents a significant resistance area. Data shows that there have been significant liquidations in the crypto market, with a majority of long positions being liquidated. The analyst notes that the futures market is considered overheated, leaving Ethereum vulnerable to a potential short squeeze.
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