A deep dive into the recent surge of Ethereum reveals that the true driving force is not a fundamental change, but rather a stampede of short covering after an overly crowded 'bear' situation;
In the past two weeks, the overall short position in the US stock market has risen to a nearly one-year high, with CTA and quantitative funds being forced to close positions above key resistance levels, creating a 'short squeeze' market;
However, once the price moves away from the dual support of profit and liquidity, any minor disturbance could trigger a reverse avalanche;
Rebounding above 3930, add short at 3980, short-term targets 3780, 3600, long-term layout looks at 3300! $ETH