A Short Squeeze Is Coming, According To Ethereum Price Predictions Based On Chain Metrics
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Here Are the Latest Ethereum Price Predictions: As with the FTX crash, the cryptocurrency is still dealing with a terrible public perception. While the entire cryptocurrency market took a hit from the Sam Bankman-Fried incident, Ethereum took another hit when the FTX hacker dumped a big amount of Ethereum. As for Ethereum, the market seems ready for a short squeeze. Evidence from the blockchain indicates that the price of ETH may drop again in the near future.
Increases in Capital Flows
Short holdings for Ethereum (ETH) have been dominant in recent days, reflecting the general pessimism in the market. Deposits of over 100,000 ETH per hour have been made to exchanges, as reported by CryptoQuant. Because of this, a short squeeze in the two largest cryptocurrencies may be imminent. Following the FTX crash, cryptocurrency prices have been rather low.
In recent days:
The rate at which ETH is being put into exchanges has skyrocketed, and is now above 100,000 ETH each hour. A short-squeeze event could happen shortly due to the large number of short positions.
In recent times:
Whenever the price of Ethereum dropped, there was a corresponding increase in the number of transactions into exchanges. According to data compiled by CoinMarketCap, the current price of Ethereum (ETH) is $1,221. This is an increase of 2.58% over the previous 24 hours. In early November, ETH was trading near its yearly low of around $1,100.
Source: Google Trend
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