Ether is "making history" as ETH price gains trigger a short squeeze that will set records.
A new analysis from the trading resource The Kobeissi Letter published on Friday now sees ETH/USD reaching $4,000 "soon".
The strength of Ether's price has become one of the highlights of the cryptocurrency market in July, as altcoins slowly begin to follow Bitcoin upward.
As the largest altcoin by market capitalization, Ether is punishing short positions at a rate rarely seen before, reports Kobeissi.
“Ethereum is making HISTORY: we are currently witnessing one of the largest short squeezes in cryptocurrency history,” he summarized in a dedicated thread on X.
"Ethereum has added over $150 billion in market capitalization since July 1, just days after net exposure to short positions reached all-time highs".
Now, Kobeissi not only sees $4,000 next, but also the continuation of the short squeeze.
“If Ethereum rises another 10%, another billion dollars in short positions will be liquidated,” he calculated along with data from the monitoring resource CoinGlass.
Moreover, the fact that many of these short positions are leveraged adds even more pressure. Ethereum could reach $4,000 soon.
