{"id":815166,"date":"2024-12-27T03:19:48","date_gmt":"2024-12-27T09:19:48","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/27\/ethereum-price-analyst-points-to-potential-short-squeeze\/"},"modified":"2024-12-27T03:19:48","modified_gmt":"2024-12-27T09:19:48","slug":"ethereum-price-analyst-points-to-potential-short-squeeze","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/27\/ethereum-price-analyst-points-to-potential-short-squeeze\/","title":{"rendered":"Ethereum price: Analyst points to potential short-squeeze"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div data-site=\"CoinJournal\">\n<div data-site=\"CoinJournal\">\n<picture><source  type=\"image\/webp\" media=\"(min-width: 750px)\"><source  type=\"image\/webp\"><source  type=\"image\/jpeg\" media=\"(min-width: 750px)\"><source  type=\"image\/jpeg\"><img decoding=\"async\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/03\/ethereum-price-symbol.jpg\" alt width=\"100%\" height=\"100%\" previous-src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/03\/ethereum-price-symbol.jpg\">\n<\/picture>                    <\/div>\n<ul>\n<li>Ethereum price traded near $2,600 as crypto experienced a brief lull.<\/li>\n<li>A CryptoQuant analyst says ETH could witness a short squeeze, but points to $2.7k as key resistance.<\/li>\n<\/ul>\n<p><span><a href=\"https:\/\/coinjournal.net\/ethereum\/\">Ethereum<\/a> traded to near $2,750 on Monday, Oct. 21, rising amid broader gains for the crypto market as Bitcoin shot past $69,000. However, with BTC dipping, the ETH price followed suit and tested support near $2,600 on Oct. 22.<\/span><\/p>\n<p><span>The price of Ethereum has returned above $2,620, and a CryptoQuant analyst says the top altcoin could see a short squeeze scenario. According to Shayan B, this outlook results from the rising leverage. If the bulls manage to break out above the supply wall around $2.7k, then ETH price could rise further.<\/span><\/p>\n<h2>Bitcoins Ethereum price outlook<\/h2>\n<p><span>Currently, the market seems bearish on ether price prospects, which means many traders expected a downside continuation. But with \u201cleverage at concerning levels,\u201d a short squeeze would mean unexpected price surge and major liquidations.<\/span><\/p>\n<p><span>ETH would notch gains in such a case.<\/span><\/p>\n<p><span>\u201cWith leverage at concerning levels, the futures market is now considered overheated. This leaves Ethereum vulnerable to a potential short-squeeze event. In such a scenario, if ETH\u2019s price rises unexpectedly, traders with short positions could be forced to cover their positions by buying back ETH, creating an impulsive price spike,\u201d the analyst<\/span> <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/67177e8278ed6c234d561726-Ethereum-Faces-Short-Squeeze-Risk-Rising-Leverage-and-Key-Resistance-at-27K\" target=\"_blank\" rel=\"noopener\"><span>noted<\/span><\/a><span>.<\/span><\/p>\n<p><span>The key level however remains at the 100-day moving average near $2,700. This area presents a notable resistance area that bulls may have to conquer to see further gains.<\/span><\/p>\n<blockquote data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ethereum Faces Short-Squeeze Risk: Rising Leverage and Key Resistance at $2.7K<\/p>\n<p>\u201cWith leverage at concerning levels, the futures market is now considered overheated. This leaves Ethereum vulnerable to a potential short-squeeze event.\u201d \u2013 By <a href=\"https:\/\/twitter.com\/ShayanBTC7?ref_src=twsrc%5Etfw\">@ShayanBTC7<\/a><\/p>\n<p>????<a href=\"https:\/\/t.co\/LBeV3Lis4d\">https:\/\/t.co\/LBeV3Lis4d<\/a> <a href=\"https:\/\/t.co\/wUZ2sEowmW\">pic.twitter.com\/wUZ2sEowmW<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1848786899915149456?ref_src=twsrc%5Etfw\">October 22, 2024<\/a><\/p>\n<\/blockquote>\n<p><span>Data from<\/span> <a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener\"><span>Coinglass<\/span><\/a><span> showed total 24-hour crypto liquidations stood at over $165 million.<\/span><\/p>\n<p><span>Most of this, about 75% were long positions rekt over the past 24 hours at $129 million. Shorts accounted for about $36 million. Looking at Ethereum, data showed longs accounted for $36 million of the total $39 million liquidated over the past 24 hours.<\/span><\/p>\n<p><span>ETH price reached its year-to-date peak of $4,070 in March.<\/span><\/p>\n<div>\n<hr>\n<h6>Share this article<\/h6>\n<hr>\n<h6>Categories<\/h6>\n<hr>\n<h6>Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p> Benson Toti <a href=\"https:\/\/coinjournal.net\/news\/ethereum-price-analyst-points-to-potential-short-squeeze\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price traded near $2,600 as crypto experienced a brief lull. A CryptoQuant analyst says ETH could witness a short squeeze, but points to $2.7k as key resistance. Ethereum traded to near $2,750 on Monday, Oct. 21, rising amid broader gains for the crypto market as Bitcoin shot past $69,000. However, with BTC dipping, the<\/p>\n","protected":false},"author":1,"featured_media":815167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25740,4759],"tags":[11476],"class_list":["post-815166","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","category-price","tag-bitcoins"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/815166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=815166"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/815166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/815167"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=815166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=815166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=815166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}