Ethereum Eyes $2,000 as Binance Supply Drops: Short Squeeze Incoming?
Ethereum continues its recovery phase, with the asset now trading above $1,800 after gaining approximately 15.3% over the past two weeks. Despite concerns from investors and a drop in public enthusiasm, ETH seems to have shown resilience.. The asset’s latest movement reflects renewed buying interest, and some on-chain indicators are pointing to potentially bullish momentum ahead. One of those indicators involves the supply of ETH on exchanges. Related Reading: Whales Sell 262,000 Ethereum Amid Recent Price Surge – Smart Exit Or Profit-Taking? Declining Exchange Supply Signals Reduced....
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As a result of the recent pullback in the cryptocurrency market over the weekend, Ethereum (ETH) has created two Chicago Mercantile Exchange (CME) gaps at $3,000 and $2,600. Crypto analyst Ted suggests that a short squeeze could soon push the price beyond $3,000, potentially filling these two CME gaps. Is An Ethereum Short Squeeze Imminent? […]
This third edition of Cycling On-Chain takes a closer look at bitcoin’s ongoing supply squeeze and recent short squeeze.
Data shows that on Monday crowded Bitcoin shorts have lead to the largest recorded squeeze in the history of the cryptocurrency. Bitcoin Records Largest Short Squeeze Ever As per an Arcane Research report, BTC has recorded the largest squeeze in its history where $750 million worth of shorts have been liquidated. Here is a chart that shows the data for Bitcoin short liquidations over the past one year: BTC short squeeze spikes | Source: Arcane Research As is clear from the above graph, the short squeeze seen on Monday, 26 July, hasn’t been observed in the past year. In fact,....
Ethereum may be poised to move higher after dropping 30% from last month’s highs. Futures data shows that investors are currently bearish on the cryptocurrency, which should lend to a potential short squeeze. Ethereum Could Soon Surge to the Upside: Futures Trend Crucial futures data suggests that Ethereum may soon revert to the upside, not move lower. One crypto-asset analyst recently shared the data below, which shows the positioning of ETH futures traders on Binance. […]
On-chain data shows Ethereum supply is barely changing anymore following the London hard fork. This means ETH is becoming a scarce asset now. Following London Fork, Ethereum Supply Rate Of Change Drops To Nearly Zero As pointed out by a CryptoQuant post, ETH’s supply curve has nearly flattened now as rate of change drops to almost zero. This has made the asset scarce. The Ethereum supply indicator tells us about the total amount of ETH that’s currently in circulation. As miners receive a block reward (in ETH) for mining blocks, this total supply increases with time. A related....