Ethereum short positions surge, signaling possibility for historic price movement.
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A large build-up of short positions in the Ethereum futures market has set the stage for a major price move, with one analyst predicting it could turn into one of the biggest short squeezes in ETH’s history. The price of Ethereum is currently hovering around the critical $2,700 mark
After falling to $2,100 during market volatility earlier this year, Ethereum has been steadily climbing back. It attempted to break through resistance at $2,700 several times but failed to hold above it. Now, with prices once again testing this zone, the analyst said a strong breakout above $2,742 could trigger a bigger rally in the coming days.
Chart patterns hint at a possible bullish move. Ethereum’s price action has created a setup where a daily close above the key resistance of $2,700 could lead to a sharp rise toward $3,700 in the weeks ahead.
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