Ethereum price traded near $2,600 as crypto experienced a brief lull.
\nA CryptoQuant analyst says ETH could witness a short squeeze, but points to $2.7k as key resistance.<\/p>\n
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 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 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 ETH would notch gains in such a case.<\/span><\/p>\n \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> noted<\/span><\/a>.<\/span><\/p>\n 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 Ethereum Faces Short-Squeeze Risk: Rising Leverage and Key Resistance at $2.7K<\/p>\n \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 @ShayanBTC7<\/a><\/p>\n \ud83d\udc47https:\/\/t.co\/LBeV3Lis4d<\/a> pic.twitter.com\/wUZ2sEowmW<\/a><\/p>\n \u2014 CryptoQuant.com (@cryptoquant_com) October 22, 2024<\/a><\/p>\n\n Data from<\/span> Coinglass<\/span><\/a> showed total 24-hour crypto liquidations stood at over $165 million.<\/span><\/p>\n 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 ETH price reached its year-to-date peak of $4,070 in March.<\/span><\/p>\n The post Ethereum price: Analyst points to potential short-squeeze<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[100],"tags":[],"class_list":{"0":"post-1685","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-ethereum"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/1685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=1685"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/1685\/revisions"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=1685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=1685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=1685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ethereum price outlook<\/h2>\n